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Annual Percentage Rate Annual Percentage Rate is a term used in the truth -in-lending act. It is used to indicate the percentage relationship of the total finance charge to the amount of the loan. The cost of the mortgage loan is reflected as a yearly rate. It may also be higher than the interest rate mentioned in the note. This is because it also includes loan discount points, miscellaneous fess and mortgage insurance. In simple terms, the APR is an expression of the effective interest rate which will be paid on a loan taking into account one -time fees and standardizing the way the rate is expressed. The major purpose for using APR is for the calculation of the total cost of borrowing. APR is designed to make the calculation easier and to compare the interest and loan options. The APR will generally differ from the note rate or headline rate. It will not be as advertised by the lender. Similarly APR concepts can be generalized. More terms explained |
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