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interest rate apr meaning

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APR stands for annual percentage rate. It is a numeric representation of your interest rate. The APR is a number that helps you to understand the interest rates that are charged on different credit cards, loans, and other credit products so you can decide which rate is best.

An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan.

Whenever you apply for a mortgage, the federal government requires lenders to disclose both the interest rate on the loan and the annual percentage rate, or APR. For mortgages, the APR is a measurement of the interest you’ll pay on a loan after all of the fees and costs are taken into account.

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Annual Percentage Rate versus Interest Rate comparison chart; Annual Percentage rate interest rate; definition: annual Percentage Rate (APR) is an expression of the effective interest rate that the borrower will pay on a loan, taking into account one-time fees and standardizing the way the rate is expressed.

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Your car loan APR is a measure of the total amount of interest you will pay on your financing, over a one year term.When you receive an interest rate quote from your lender, it may be expressed in interest rate per term. This does not tell you how much interest you will pay per year in annual percentage rate (apr).

Use this APR calculator to compare different APR options. The low, promotional interest rates offered by many auto finance companies and other lenders can result in significant savings on your next auto purchase. Lower interest rates mean lower total interest costs and lower monthly payments.

The basic difference between interest rate and APR is that, while interest rate shows current borrowing cost, APR is used to present the true picture of total cost of financing, where the interest rate and the lender fees needed to finance the loan are taken into consideration.

Credit card issuers typically express their interest rates in terms of APR, or annual percentage rate, so it’s important to know what it means. What Is APR and What Does It Mean for Your Credit.

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