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11 April, 09:25

Katie is buying a house and is looking for the best home loan to pay for her purchase. What loan should she choose?

A. Loan with the highest APR

B. Loan with the highest APY

C. Loan with the lowest APR

D. Loan with the lowest APY

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Answers (1)
  1. 11 April, 09:43
    0
    The correct option is C. APR stands for Annual Percentage Rate. APR is the interest rate that one has to pay on a loan in a year. APR rate can be high or low depending on the investment type and the parties involved. But the best thing to do when one want to get a loan is to go for a loan with the lowest interest rate [APR]. So, the best thing for Katie to do is to choose a loan with the lowest APR.

    APY stands for Annual Percentage Yield and is only use in savings; it refers to how much one earns on his savings.
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Home » Business » Katie is buying a house and is looking for the best home loan to pay for her purchase. What loan should she choose? A. Loan with the highest APR B. Loan with the highest APY C. Loan with the lowest APR D. Loan with the lowest APY
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