Annual Percentage Rate

The annual percentage rate, or APR, is the annualized interest rate that is charged on a loan or other credit product. The APR represents the true cost of borrowing, taking into account not only the interest rate but also any fees or other charges that are associated with the loan. Continue Reading Below

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About Annual Percentage Rate

The annual percentage rate, or APR, is the annualized interest rate that is charged on a loan or other credit product. The APR represents the true cost of borrowing, taking into account not only the interest rate but also any fees or other charges that are associated with the loan. The APR is calculated by dividing the total amount of interest and fees paid over the course of a year by the total amount borrowed, and it is expressed as a percentage. The APR is an important metric for consumers, as it allows them to compare the cost of different credit products and make informed decisions about borrowing. In the United States, federal law requires lenders to disclose the APR to consumers in a standard format.