The apr can be used to compare different loans. true false

The given statement is TRUE

Step-by-step explanation:

APR is the abbreviated form of Annual Percentage Rate.

This is a type of measurement which is used to compare different loans, the Annual Percentage Rate takes into consideration the following factors : associated loan's interest rate, loan interest term, and fees to calculate the total cost of credit expressed as a yearly rate.

Therefore, The lower the Annual Percentage Rate, the lower the total cost of the loan.

Hence, The given statement is TRUE

And the Annual Percentage Rate or APR can be used to compare different loans.

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rick has $1400 and sally has $1500

step-by-step explanation:

to find amount of money rick has after 10 years :

principal = $1000 , time = 10 years , rate = 4% annually

to find amount of money sally has after 10 years :

her friend gives to pay her $50 per year, therefore money she has after 10 years = 50 × 10 = $500

also, sally gets $1000 after 10 years,

therefore, total amount of money sally has after 10 years = 500 + 1000 = $1500

so, after 10 years : rick has $1400 and sally has $1500