Difference Apr And Interest Rate

The APR takes those into account, so a mortgage with an interest rate of, say, 6% might actually cost you something like 6.15% a year. With credit cards, though, the APR is just interest.

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Annual percentage rate, or APR, goes a step beyond simple interest by telling you the true cost of borrowing money. For example, the APR you receive when you buy a house takes into account the.

The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate.

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APR or Annual Percentage Rate is the per year total cost of borrowing. Interest Rate is nothing but a fee charged on the borrowed sum of money. On the other hand, APR is an effective rate used to make the comparison between different loans.

The APR includes your interest costs, as well as things like discount points, broker fees, closing costs, and other prepaid finance charges. This is why the APR is always higher than the posted interest rate. Other Differences Between APR and Interest Rate. There are also differences in how APRs and interest rates are determined.

A credit card is a revolving line of credit, and there is no difference between a card’s interest rate and its APR. These two terms are used interchangeably, but when you look up a credit card’s terms, you’ll see it expressed as an APR.

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