Determine the loan with the lowest effective interest rate

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Reference no: EM131012092

Banks and other lenders are required to disclose a rate called the APR. What is this rate? Why did Congress require that it be disclosed? Is it the same as the effective annual rate? If you were comparing the costs of loans from different lenders, could you use their APRs to determine the loan with the lowest effective interest rate? What information do YOU think lenders should be required to disclose when making loans? Explain.

Reference no: EM131012092

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