Annual Percentage Rate - Definition

The effective interest Rate charged on an instalment loan and represents the actual cost of funds for each year of the term of the loan. Being a standardised number it helps borrowers compare the rates of various lenders. The rate includes fees, additional costs such as mortgage insurance, origination fee etc.

Terms near "Annual Percentage Rate"

Annual Percentage Yield
Annual reports
Annual returns
Annuity factor method
Annuity unit
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