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In Business / College | 2025-07-04

Which of these credit options is likely to have the highest interest rate?
A. Payday loan
B. Credit card
C. Car loan
D. Mortgage

Asked by shamikaroberson92

Answer (2)

The payday loan is likely to have the highest interest rate compared to other credit options like credit cards, car loans, and mortgages. Payday loans are characterized by extremely high interest rates, often exceeding 400% APR. In contrast, traditional loans like car loans and mortgages generally have much lower rates due to the secured nature of the loans. ;

Answered by GinnyAnswer | 2025-07-04

The payday loan is likely to have the highest interest rate compared to other options like credit cards, car loans, and mortgages. Payday loans often exceed 400% APR, while credit cards, car loans, and mortgages have lower rates due to their different risk levels and collateral involved. Therefore, option A is correct.
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Answered by Anonymous | 2025-07-10

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