Annual Percentage Rate (APR)

Annual Percentage Rate (APR) – The actual cost of borrowing as a percentage rate. The calculation accounts for all finance charges and interest payments made and is expressed as an annual or yearly rate.

  • Example: Interest rates are quoted to the public using annual percentage rates. An annual percentage rate factors in all loan costs, so they can be compared between different lenders and loan products.
Print Friendly

Facebook Comments

comments

Powered by Facebook Comments