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APR Calculator
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What is APR?
APR (Annual Percentage Rate) represents the true cost of borrowing money, including both the interest rate and any fees associated with the loan. It's expressed as a percentage and provides a standardized way to compare different loan offers.
Unlike the interest rate alone, APR includes origination fees, points, and other costs, giving you a more accurate picture of what you'll actually pay. A lower APR generally means a less expensive loan.
APR vs Interest Rate
Interest Rate: The cost of borrowing the principal loan amount, expressed as a percentage.
APR: The interest rate plus fees and other costs, giving you the total cost of the loan. Always compare loans using APR for an accurate comparison.
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