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14 October, 02:25

Catherine is buying a new TV and is looking for the best 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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  1. 14 October, 02:45
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    APY (annual percentage yield) is generally higher interest than APR (annual percentage rate).

    What a consumer actually pays is APY. APR is a guide for consumers to make a choice, but does not represent the actual cost of the loan (since compound interest was introduced almost half a century ago).

    So to make a choice between values, base on APY, and evidently the lowest.
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Home » Mathematics » Catherine is buying a new TV and is looking for the best 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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