APR - Annual Percentage Rate

The Annual Percentage Rate (APR) calculates the total amount of interest which will be paid on a loan and adds to this any other charges which the borrower has to meet. The total cost is then divided by the number of years in the loan term to find out what the borrower will be paying per year. This amount is then expressed as a percentage of the loan – the Annual Percentage Rate, which is considered as the “true cost” of the loan. The APR should always be used when comparing deals available.

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