A purchase annual percentage rate, or APR, is the interest charge that is added monthly to the. to the existing balance if the payment is more than 60 days late. The purchase APR can be a fixed or.

Interest Rate vs APR (and Prepaid Finance Charges) When you take on a loan, you agree that in exchange for borrowing money that you will compensate your lender for its services. This "compensation" probably brings to mind interest charges, and interest charges are one of the main forms of compensation for lenders.

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The APR takes those into account, so a mortgage with an interest rate of, say, 6% might actually cost you something like 6.15% a year. With credit cards, though, the APR is just interest.

APR is the annual cost of a loan to a borrower – including fees. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such as mortgage insurance, most closing costs, discount points and loan origination fees.

An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan.

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APR, on the other hand, gives you a more comprehensive look at how much you’ll pay when you borrow money for a loan by factoring in these costs and expressing the total price of borrowing money in terms of an interest rate. When it comes to APR vs. interest rate, the APR more accurately represents the true cost of the loan.

Pay at least the minimum balance on all of your cards, but throw your extra cash into the card with the highest APR first. When that’s paid off. pay the bills if the worst comes to pass. Compare.

Just when I think that the decline in interest rates is fairly well-known and established, I receive a junk mail piece from a name brand bank offering me a $2500 credit card line with a 29% rate. Now,