Whether you’re applying for a mortgage, a credit card, or an installment loan, you will come across the term annual percentage rate. But what is an annual percentage rate? Also known by the abbreviation APR, an annual percentage rate describes the interest rate for the entire year as opposed to a monthly rate, and it includes fees charged for the loan. If you’re interested in pursuing a payday loan or installment loan, you will need to factor in the APR when calculating how much the loan will cost.
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Archives for October 15, 2015
