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Annual Percentage Rate
Annual percentage rate (APR) is an expression of the effective interest rate the borrower will pay on a loan, taking into account one-time fees and standardizing the way the rate is expressed. In other words the APR is the total cost of credit to the consumer, expressed as an annual percentage of the amount of credit granted. APR is intended to make it easier to compare lenders and loan options.
The APR is likely to differ from the "note rate" or "headline rate" advertised by the lender, due to the addition of other fees that may need to be included in the APR.
In the U.S. and the UK, lenders are required to disclose the APR before the loan (or credit application) is finalized. Credit card companies can advertise monthly interest rates, but they are required to clearly state the annual percentage rate before an agreement is signed. APR is a term used with regard to deposit accounts as well. However, when dealing with deposit accounts, annual percentage yield (APY) or annual equivalent rate (AER) is the number to be quoted to consumers for comparison purposes.
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New York Times graphic: Annual Growth Rate of All Debt in the U.S. and accompanying article: "This week, the Federal...
Consumer Credit Declines at 7% Annual Rate in April
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Despite their large impact on consumers, we usually don't report on monthly consumer price, unemployment, or other statistics concerning the health of the U...
What is comparative negligence and strict liability in tort law?
A. comparative negligence
B. seller sells to buyer
B. defense of ...
How should I structure a finder's fee that has multiple referrers?
It's more difficult to find the paying client than the service provider so ...
I am currently paid an hourly rate-now my employer claims she is going to go salary for my position. Can she legally force me to do this even though I was hired in on an hourly basis without even discussing this issue w
Unless you have a contract with your employer that states how you are to be paid...
Can I take action acgainst my exmployer for a sexual comment made by my boss?
Yes,
There is a law that protects "whistle-blowers" from...
I have a credit card issued by Aspire of Columbus, GA with a interest rate of 39.75% APR on purchases and 41.75% on cash advances. I reside in PA. Are these rates allowable by law?
Damn you are getting it with no vaseline...
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What is comparative negligence and strict liability in tort law?
A. comparative negligence
B. seller sells to buyer
B. defense of ...
How should I structure a finder's fee that has multiple referrers?
It's more difficult to find the paying client than the service provider so ...
I am currently paid an hourly rate-now my employer claims she is going to go salary for my position. Can she legally force me to do this even though I was hired in on an hourly basis without even discussing this issue w
Unless you have a contract with your employer that states how you are to be paid...
Can I take action acgainst my exmployer for a sexual comment made by my boss?
Yes,
There is a law that protects "whistle-blowers" from...
I have a credit card issued by Aspire of Columbus, GA with a interest rate of 39.75% APR on purchases and 41.75% on cash advances. I reside in PA. Are these rates allowable by law?
Damn you are getting it with no vaseline...
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