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APR Quiz

Authored by Arches Arches

Professional Development

Professional Development

Used 2+ times

APR Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Imagine you're taking out a loan for a new car. What type of APR would remain the same even if the Prime Rate goes up or down? This APR is agreed upon at the start and does not fluctuate over time.

Fixed APR

Variable APR

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the APR that commercial banks typically offer to their most creditworthy customers, which is often used as a reference point for various loan rates?

Variable APR

Fixed APR

Prime Rate

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Imagine you are taking out a loan, and the bank offers you an APR of 16.24%. What would be the correct way to quote this APR?

16%

Around 20%

16.24%

20.1234520%

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is the length of time the introductory or promotional APR is in effect for a new credit card?

Billing Cycle

Duration

The "Go To" point

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is the APR rate once the introductory or promotional period ends on your credit card?

Duration

Billing Cycle

The "Go To" Rate

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Select all that apply for types of APRs when considering a new credit card

Purchases

Cash Advances

Balance Transfers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What factor primarily influences the Variable APR on a credit card?

The Federal Reserve's decisions

The cardholder's credit score

The Prime Rate

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