Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is APR or Annual Percentage Rate?

April 26, 2017Annual Percentage Rate Apr

0

Posted

What is APR or Annual Percentage Rate?

1 Answer

0

Posted

Annual percentage rate (APR) is an industry-wide method of comparing interest rates and charges for credit between lenders so that the borrower can make an informed decision on the price implications of the product. APR is not a ‘true’ rate as such; it is calculated by using a complicated formula, which takes into account of some (but not all) costs of setting up the loan.