You can view your Annual Percentage Rate (APR) and interest charge calculation in your online account.
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Why is APR even used if the effective APR is the true rate?.. The Annual Percentage Rate is the amount of simple interest per year, but not the effective interest.
Interest is defined as the money paid to a lender at an agreed upon rate for borrowing the money to buy your house.
An annual percentage rate (APR) reflects the mortgage interest rate plus other charges.
The nominal APR is the simple-interest rate (for a year). The effective APR is the fee+compound interest rate (calculated across a year). In some areas, the annual percentage rate (APR) is the simplified counterpart to the effective interest rate that the borrower will pay on a loan.
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The real APR is not the same thing as interest rate, which is a barebone number that represents the cost of borrowing on the principal amount. While useful, interest rates do not offer the accuracy a borrower really wants to know in determining which rate from which lender is the best deal.
Interest rate refers to the annual cost of a loan to a borrower and is expressed as a percentage APR is the annual cost of a loan to a borrower – including fees. Like an interest rate, the APR is expressed as a percentage.
Interest is also a monthly (if not daily) event, and those recurring interest calculations add up to big numbers over the course of a year. Whether you’re paying interest on a loan or earning interest in a savings account, the process of converting from an annual rate to a monthly interest rate is the same.
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