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"Annual Percentage Rate"

From Elizabeth Weintraub,
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Definition: The annual percentage rate is calculated by a complex method that assumes your loan will be paid according to the term and breaks down all the costs of the loan, including the interest rate, and expresses that rate as an annual rate.

Also Known As: APR

Examples: The annual percentage rate on a 30-year fixed-rate loan will show you the actual annual cost of your loan if you make 360 payments.

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"Annual Percentage Rate"

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