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APRSee: Annual Percentage RateAPRThis is an indicator used to compare interest rates. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the life of the loan. All lenders that comply with the consumer credit act must ensure that the the borrower is informed of the APR.APR Similar MatchesAnnual Percentage Rate (apr)Annual Percentage Rate (apr)The yearly interest percentage of a loan, as expressed by the actual rate of interest paid. For example: 6% add-on interest would be much more than 6% simple interest, even though both would say 6%. The A.P.R. is disclosed as a requirement of federal truth in lending statutes and should include all finance charges. Annual percentage rate (APR)Annual percentage rate (APR)The periodic rate times the number of periods in a year. For example, a 5% quarterly return has an APR of 20%. |
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