When borrowing money, the most important objective of the borrower should be to:
A)minimize monthly payments.
B)minimize the APR.
C)avoid borrowing on a discount basis.
D)make the maturity date as far in the future as possible.

Question

Quizplus · Accepted Answer

Minimizing the APR (Annual Percentage Rate) is crucial because it represents the true cost of borrowing, including interest and fees, and affects the total amount paid over the life of the loan.

When Borrowing Money, the Most Important Objective of the Borrower