Business, 07.10.2019 02:30, dazesreplayy2451

What payment method typically charges the highest interest rate

Answers: 3

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Answers

answered: dmoore222

It depends on your credit cards APR (annual percentage rate) they're all different

answered: Kaitneedshelps

The option (D) is correct.

Payday loans typically charges the highest interest rate.

Further Explanation:

Payday loans:

Payday loans are short-term in nature and have a high interest rate. These loans are granted in a very short period of time and the borrower pays when he/she gets his/her next paycheck. These kinds of loans charge high interest rate because they are granted very quickly. The loan amount does not exceed the salary of the borrower.

Justification for the correct and incorrect options:

Credit card: This is an incorrect option.

Credit card charges interest but their rate of interest is lower than the payday loans.

Cashier's checks: This is an incorrect option.

Cashier’s check does not charge interest but charges a small amount of fee.

Pre-paid cards: This is an incorrect option.

Pre-paid cards do not charge interest.

Payday loans: This is the correct option.

Payday loans charges high interest for a short-term loan.

Learn more:

1.Learn more about the money owed to the credit card company

2.Learn more about the common credit card fee

3.Learn more about making an on-time minimum payment of credit card

Answer details:

Grade: Senior School

Subject: Business Studies

Chapter: Money and Banking

Keywords: Payment, method, typically, charges, highest, interest rate, credit card, cashiers check, pre paid cards, payday loans.

answered: Guest

answerbuying in bulk;

answered: Guest

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What payment method typically charges the highest interest rate...