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Ramon took out a car loan with an interest rate of 10 percent and paid $100 in loan application fees. What term describes the amount of interest Ramon will pay?


down payment

capacity

APR

capital

Verified Answer :

MissPhiladelphia

The term
describes the amount of interest Ramon will pay is APR, annual percent rate
which is 10%. The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (or EAPR), describes the interest rate for a
whole year (annualized), rather than just a monthly fee/rate, as applied on a
loan, 

charlescarey0906

Answer:

APR

Step-by-step explanation:

correct on edge 2021

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