APR (Annual Percentage Rate)
The yearly cost of borrowing, including the interest rate plus most fees, expressed as a single percentage.
What does apr mean?
APR rolls a loan’s interest rate together with points and required fees into one annual figure, so it’s usually a little higher than the note rate. Because it captures the true cost, APR is the right number to compare loan offers — though it assumes you keep the loan to term.
Put it to use
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