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What is the difference between the Annual Percentage Rate (APR) and my interest rate?

April 26, 2017Annual Percentage Rate Apr difference Interest rate

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What is the difference between the Annual Percentage Rate (APR) and my interest rate?

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The APR is the cost of the loan expressed as an annual rate. It includes interest, points and finance charges associated with the loan. The APR is helpful when comparing different types of mortgages. The interest rate is the actual rate at which you are borrowing your money and is used to calculate the interest payment on the loan. Back to top.