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APR
APR, or annual percentage rate, is a measure of the cost of borrowing money that includes the interest rate and other charges as a yearly rate.
More Details
APR stands for annual percentage rate. It is the annualized interest rate that an individual is charged on a loan, credit card, or other type of credit product. The APR takes into account not only the interest rate on the loan, but also any additional fees or charges that an individual may be required to pay, such as origination fees or balance transfer fees.
Example
If an APR is 15.5%, it means that you would be charged an annual interest rate of 15.5% on any outstanding balances on your credit card. This APR takes into account not only the interest rate on the loan, but also the annual fee that you would be required to pay.
Related Terms
Bankruptcy
A legal process in which an individual or business has their assets liquidated or restructured in order to pay off creditors.
Estate Planning
The process of organizing and arranging for the management of a person's assets and property after their death.
Refinance
The process of paying off an existing loan with a new loan, typically in order to obtain a lower interest rate or to change the terms of the loan.