Annual Percentage Rate ( APR)
The APR is the interest rate figure that indicates the total cost of borrowing, including any charges. When you borrow money, every lender is required by law to quote this rate. The APR is the best way of comparing like with like. It was introduced as part of the Consumer Credit Act of 1974 and is mostly used for credit cards, personal loans and mortgages.
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annual percentage rate UK US noun [C]
Financial and business terms. 2012.