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6 December, 10:03

Which word represents the total cost of the item you're purchasing on credit minus any down payment you make upfront?

APR

Principal

Term

Interest Rate

+1
Answers (1)
  1. 6 December, 10:15
    0
    The correct answer is letter "B": Principal.

    Explanation:

    For banks, the principal refers to the amount due after any down payment on a loan and is used to calculate interest payment. For instance, a borrower with the principal amount of $10,000 and an Annual Percentage Rate (APR) of 5% will have to pay $500 in interest for any year that the loan is outstanding.
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