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Your Money. Personal Finance. Your Practice. Popular Courses. Personal Finance Banking. Table of Contents Expand. How APR Works. Types of APRs. APR vs. Nominal vs. Daily Rate. Disadvantages of APR. Key Takeaways An annual percentage rate APR is the yearly rate charged for a loan or earned by an investment. The APR provides a consistent basis for presenting annual interest rate information, in order to protect consumers from misleading advertising.
An APR may not reflect the actual cost of borrowing because lenders have a fair amount of leeway in calculating it, excluding certain fees. APR shouldn't be confused with APY annual percentage yield , a calculation that takes the compounding of interest into account. Compound Interest or Simple Interest? If you have an excellent credit rating your APR is likely be significantly lower than an individual with Bad Credit.
With APR, the amount of interest you pay is reduced year on year. This is to reflect the difference in the amount owed as the loan balance is reduced. A Flat Rate on the other hand, does not factor in a reducing balance and remains the same throughout the agreement. Check your eligibility today without affecting your credit score and receive an instant decision. Check My Eligibility. Back to glossary. Annual percentage rates APR.
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