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apr explained for dummies

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What is APR? Explain it easily please! Interest Rate vs APR – What’s the Difference? Nearly all loan types come with two interest rates: the actual interest rate and annual percentage rate, or APR. Though the disclosure of both rates is done primarily to help borrowers decide what the true cost of loans are from one lender to.

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Welcome to my MissBeHelpful channel! Lots of you have been asking me to talk more about APR, or annual percentage rate. This is a term used in reference to everything from mortgages and car loans.

apr (annual percentage rate) is the key tool for comparing different loan offers, and understanding the total cost of borrowing over the duration of a loan. Here, we compare two examples.

Both APR (annual percentage rate) and APY (annual percentage yield) are commonly used to reflect the interest rate paid on a savings account, loan, money market or certificate of deposit.It’s not immediately clear from their names how the two terms – and the interest rates they describe – differ.

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Apr Explained For Dummies An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money. The APR reflects not only the interest rate but also the points.

The APR is meant to indicate the amount you will pay each year over the full term of the debt. Yet when rates change this can make it more rather than less complicated. Mortgages are the best example. The APR is calculated by taking the total interest cost over the 25-year term of the mortgage, plus fees.

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In some instances, an introductory APR may be offered to attract new customers. This APR will be lower than the usual rate and must last for a minimum of six months by law. After this period, the APR will return to its usual, higher level. Variable APR. When national rates and economic factors change, so too can APRs.

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