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a used car. He wants to borrow $18,000 for four or five years. James' credit union than $20,000, however. If James borrowed $18,000, this payment

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a used car. He wants to borrow $18,000 for four or five years. James' credit union than $20,000, however. If James borrowed $18,000, this payment would strain his budget. A local bank offered current depositors a five-year loan at a ance loan. Because James is not a depositor in the bank, he would also be charged a $25 credit check fee and a $45 application fee. James likes the lower payment but knows that the APR is the true cost of credit, so he decided to confirm a used car. He wants to borrow $18,000 for four or five years. James' credit union than $20,000, however. If James borrowed $18,000, this payment would strain his budget. A local bank offered current depositors a five-year loan at a ance loan. Because James is not a depositor in the bank, he would also be charged a $25 credit check fee and a $45 application fee. James likes the lower payment but knows that the APR is the true cost of credit, so he decided to confirm

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