Cost of Credit as Percentage on Yearly Basis- APR

Q.  What is the cost of credit expressed as a percentage on a yearly basis called?
- Published on 20 Jul 15

a. APR
b. APY
c. WPI
d. None of these

ANSWER: APR
 
The Annual Percentage Rate (APR) is the simplified counterpart to the effective interest rate that the borrower will pay on a loan.

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