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.

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