Difference Between Interest Rate And Apr

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The Annual Percentage Rate (APR) is the cost you pay each year to borrow money, including fees, expressed as a percentage. The APR is a broader measure of the cost to you of borrowing money since it reflects not only the interest rate but also the fees that you have to pay to get the loan.

The APR should always be greater than or equal to the nominal interest rate, except in the case of a specialized deal where a lender is offering a rebate on a portion of your interest expense.

It’s time for another mortgage match-up: "Mortgage rate vs. APR." If you’re shopping for real estate or looking to refinance, and you’ve seen a certain mortgage rate advertised, you may have noticed a second, similar percentage adjacent to or below that interest rate, possibly in smaller, fine print.

The difference between an APR and an interest rate is that the APR equals the interest rate plus other loan costs. The APR is more representative of the total annual cost that you’ll end up paying for borrowing money.

Interest Rates vs. APRs Points The annual percentage rate is typically higher than the interest rate because it includes additional fees and costs. In its simplest form, the interest rate is essentially the price we all must pay to borrow money. The APR Vs. interest rate debate isn’t a debate at all. The two concepts are.

Today Prime Lending Rate  · Graph and download economic data from 1955-08-04 to 2019-04-22 about prime, loans, banks, depository institutions, interest rate, interest, rate, USA, and Public Domain: Citation Requested.

So with APR vs. interest rate, your interest rate just shows the base cost of borrowing money and your APR shows the total cost of borrowing money. Therefore, your APR will typically be a quarter to even a half point higher than your interest rate will be.

The difference between an interest rate and an APR may be good to know for many types of loans, but when it comes to your credit card, there’s no difference at all. Read more here about understanding credit card interest rates.

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