Select the correct answer.

Which statement is true?

A. Payday loans typically carry higher interest rates than mortgage loans.

B. Mortgage loans only offer fixed interest rates.

C. A 90-day interest-free loan charges interest for the first 90 days, then it does not charge interest thereafter.

D. The higher the APR, the lower the amount of interest you pay on a loan.

Payday loans have high interest rates, 90-day interest free loans charge interest after 90 days, and a higher APR results in paying more interest on a loan.

Explanation:

Payday loans typically carry high interest rates than mortgage loans. Mortgage loans can offer both fixed and adjustable interest rates.

A 90-day interest free loan charges interest for the first 90 days, then it does not charge interest thereafter. This means that interest is only charged after the initial 90-day period.

The statement 'The higher the APR, the lower the amount of interest you pay on a loan' is incorrect. APR represents the total cost of borrowing, including interest and fees, so a higher APR means more interest to pay.

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