Tag Archives | Interest Rates

Interest Rate vs. APR: Why You Should Care About APR

Rate vs APRThe annual percentage rate, or APR, is the interest rate a borrower will pay over the life of the loan. It is higher than the interest rate the bank advertises because it includes the simple rate, plus other costs such as prepaid interest (most APR’s are calculated upon an assumption that the loan closes in the middle of the month and include 30 days prepaid interest), points and other costs. Read More

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