Interest Rate vs. APR Both the APR and a loan’s interest rate describe the cost of borrowing. The interest rate is the amount of interest lenders charge on your outstanding loan balance, usually expressed on an annual basis. APR includes not only annual interest charges, but also fees and other additional costs required to get a loan.
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An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
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The APR takes those into account, so a mortgage with an interest rate of, say, 6% might actually cost you something like 6.15% a year. With credit cards, though, the APR is just interest.
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There are many different forms of car finance, and it can be difficult to understand the differences and the terminology. One of the most crucial distinctions is between APR and flat interest rates.
APR (aka Annualised Percentage Rate) is a type of interest rate that is calculated over a set period of months (normally twelve). Ok, so far that seems fairly easy to understand. Now let’s look at how APR is related to nominal and effective interest rates: Nominal APR is the simple interest rate you pay over one year.
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When you understand the difference between APR and interest rate, it’s easier to compare financial products. For instance, two mortgage loans could have the same interest rate, but one could have a higher APR. This means you’d pay the same amount in interest each month but spend more on additional fees and expenses.
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