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Annual Percentage Rate (APR)
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Annual Percentage Rate (APR)


He told me it was about a 9% interest rate paid in advance, but until I signed the papers, I didn’t realize that was an annual percentage rate of 10%.
  the cost consumers pay for a loan, expressed as a simple annual percentage
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Notes:
It is common to see large print advertising one interest rate and small print (legally required) showing a much higher annual percentage rate. For example, when getting a loan to purchase a home, the lender may charge significant upfront fees that are reflected in the annual percentage rate, but not in the advertised or even "effective" loan rate.
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Samples:
  • He told me it was about a 9% interest rate paid in advance, but until I signed the papers, I didn’t realize that was an annual percentage rate of 10%.
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Associated words [difficulty]:   Annual Percentage Rate (APR) , pawn shop [4] , con artist [7] , deposit slip [7] , installment plan [7] , fringe benefit [8] , pyramid scheme [8] , bounced check [9] , claims adjuster [9] , community property [9] , estate planning [9]
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Most commonly used in these subjects:   Personal Finance, Business, Law
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