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What is the difference between the interest rate stated in the Note and APR?

April 26, 2017Apr Interest rate note

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What is the difference between the interest rate stated in the Note and APR?

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The interest rate shown in the Note is the rate of the interest being charged for the amount of money that you are borrowing. The APR, Annual Percentage Rate, is the rate, which the lender can realize with all the finance charges, including closing costs, over the life of the loan.