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2. What Does APR Stand for in the Context of Credit? 1. Annual Payment Rate 2. Average Payment Rate 3. Annual Penalty Rate 4. Annual

Question

2. What does APR stand for in the context of credit? 1. Annual Payment Rate 2. Average Payment Rate 3. Annual Penalty Rate 4. Annual Percentage Rate

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Answer

The correct answer is **4. Annual Percentage Rate**.APR represents the annual cost of borrowing money, including interest and fees, expressed as a percentage.