OpenStudy (anonymous):

@John_ES @BumbleBree Which of the following loans will typically have the highest interest rate? A. Mortgage B. Car loan C. Payday loan D. Credit card

4 years ago
OpenStudy (anonymous):

c

4 years ago
OpenStudy (anonymous):

This is a tricky question. Normally a mortgage stays under 7% as well as a car loan. Sometimes payday loans have a high interest rate but credit cards can have an interest rate of 12%-24% typically.

4 years ago
OpenStudy (anonymous):

typically have a rate of 1757%

4 years ago
OpenStudy (anonymous):

(in the uk)

4 years ago
OpenStudy (john_es):

I would choose c, too.

4 years ago
OpenStudy (anonymous):

I've never had a payday loan or knew anyone who did. But that's extremely high...I'll never be getting one for sure!

4 years ago
OpenStudy (anonymous):

so its doesnt matter where you live?

4 years ago
OpenStudy (tkhunny):

Think in terms of the length of the loan. A loan is intended to generate revenue. The shorter the loan, the less time to generate revenue, and thus the higher the necessary interest rate to meet the revenue goals.

4 years ago
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