Which statement is true about an annual percentage rate (APR)?(1 point)
Responses
It is of little interest to the average borrower.
It is of little interest to the average borrower.
It is a simple way to compare all the various elements of different loans.
It is a simple way to compare all the various elements of different loans.
It is equal to the interest rate times the principal.
It is equal to the interest rate times the principal.
It is reduced every time you make a payment.