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Sean is buying a new motorcycle and is looking for the best loan to pay for his purchase. What loan should he chose?

A.

Loan with the highest APY




B.

Loan with the highest APR




C.

Loan with the lowest APY




D.

Loan with the lowest APR

Verified Answer :

MissPhiladelphia

When
someone talks about APR in relation to saving, what they really mean is the
"periodic rate" or simply "the rate." It's important to
note that APR is a term that applies to loans. While APY, or annual percentage
yield, is a term that applies to deposit accounts. So for the given
problem chose the lowest APR.

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