Annual percentage rate (APR)

What is Annual percentage rate (APR)?

The interest rate cost of a mortgage stated as a yearly rate; the APR sometimes includes and imputes such items as mortgage insurance and loan origination fees (points). Comparing the Annual Percentage Rates of different loans is regarded as a better way to gauge the overall cost of a loan than simply comparing only the face amount of interest rates because it takes all of these factors into consideration.

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