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The annual percentage rate increases to a variable rate of 10.99%, 15.99%, or 17.99%.
The term annual percentage rate of charge refers to the interest rate for an entire year rather than just a monthly fee or rate as applied on a loan, mortgage loan, credit card, etc. It can also be referred to as a nominal APR or an effective APR. It is an annual rate of a finance charge. The annual percentage rate (APR) for a loan may take origination fees into account. APR is crucial because it can help you estimate how much you'll pay for a loan. A lower APR is preferable for borrowers compared to a higher APR because it lowers the cost of borrowing money.
Note that the full question is:
Interest Rates and Interest Charges Annual Percentage Rate (APR) for Purchases 0% introductory APR for 10 months. After that, your APR will be 10.99%, 15.99%, or 17.99%, based on your creditworthiness. This APR will vary with the market, based on the Prime Rate. What happens to the APR after 10 months?
A) It decreases to 0%.
B) It increases to a variable rate of 10.99%, 15.99%, or 17.99%.
C)The credit terms do not specify how the rate will change.
D)There is no change to the interest rate.
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