Sam learns that the interest rate on his $3000, one year auto loan is 5%. He has calculated his monthly payments using the simpl

e interest formula and is ready to apply for the loan. Which of the following is the best advice you give to your friend.
A: If you can afford the monthly payment you have calculated, go ahead and apply.

B: You need to find out about any fees that are associated with the loan as they will affect your monthly payments. Ask your lender about the APR.

C: You have to multiply the monthly payment you have calculated but 0.05 to calculate the APR.

D: The APR is not the same as interest rate. It will be higher, but there is no way to calculate it and the lender probably won't help you with that. Just make sure you have extra money to pay off your debt.

Business

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I hope this information is beneficial, and now you understand how to approach it. Wishing you a fantastic and joyful day! Also, enjoy the remainder of Black History Month!:-)

- Cutiepatutie ☺❀❤

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