What is the primary difference between secured and unsecured loans?

Payton needs money today, so he decides to take out a loan for $627 with a payday lender. The lender expects the money back in 5 weeks with a fee of $52. What is the APR of this loan? Assume there are 52 weeks in a year.

Q13. Silvia wants to make a concerted effort to pay off her debts, and has listed them all below.

a $27,800 car loan at a 6.7% annual interest rate

$3,000 in credit card debt at a 26.99% annual interest rate

$145,750 in student loans at a 3.25% annual interest rate

a $2,000 personal line of credit at a 4% annual interest rate

a $305,600 mortgage at a 5% annual interest rate

If she plans to pay off her debts using the debt avalanche method. How should she prioritize paying off her debts?

Answer rating: 100% (QA)

The primary difference between secured and unsecured loans lies in the presence or absence of collateral 1 Secured Loans Secured loans are backed by c... View the full answer