Posted on: 08th Sep, 2009 02:38 am
what is APR (Annual Percentage Rate)
your interest rate and fees. Use the "calculate apr" link on the right of this website. If you don't know the fees, post some info on the loan terms, such as principle, down payment, points, etc.
The annual percentage rate (APR) is an expression of the interest paid by the borrower after all loan related costs are taken into account. The APR will be inclusive of other fees. It is not interest rate.
The APR may be advertised in the quote. Sometimes lenders hide the APR. APR is lender pespective . Differnt lenders may take different items into account and therefore you may need to obtain a Good Faith Estimate to compare items one by one, rather than compare only loan APR.
The annual percentage rate is also called annual effective interest rate.
If APR has to be calculated without fees, it would amount to the monthly interest multiplied by 12. The same APR for loans of the same amount, but over different periods of time will amount to different monthly payments and different total interest paid
The APR may be advertised in the quote. Sometimes lenders hide the APR. APR is lender pespective . Differnt lenders may take different items into account and therefore you may need to obtain a Good Faith Estimate to compare items one by one, rather than compare only loan APR.
The annual percentage rate is also called annual effective interest rate.
If APR has to be calculated without fees, it would amount to the monthly interest multiplied by 12. The same APR for loans of the same amount, but over different periods of time will amount to different monthly payments and different total interest paid