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Annual Percentage Rate (APR) Financial Glossary

What is it? The APR is the interest rate figure that indicates the total cost of borrowing, including any charges. When you borrow money, every lender is required by law to quote this rate. The APR is the best way of comparing like with like. It was introduced as part of the Consumer Credit Act of 1974 and is mostly used for credit cards, Personal Loans and mortgages.

Finance Term Definition Added By: David

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We hope you now understand the meaning of Annual Percentage Rate (APR). If you need any more information on this term, please don't hesitate to contact us.

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