To start logging and tracking your CPD, sign up for a free Asset TV account today!
Glossary - Annual Percentage Rate (APR)
|
Learning: Knowledge
The annual percentage rate (APR) is the interest rate over the course of a year. For instance, the APR on a mortgage would be the interest on the full amount of the loan. Financial institutions are required by law to show the APR, which reflects the loan’s real cost. This helps borrowers compare offerings among different lenders.