interest: What is the difference between Interest Rate and APR?
- 09/27/12 06:34 AM
Definitions: Annual Interest Rate (INT): Is a simple interest rate that is used to calculate the interest amount for a given loan amount and a period. For example; $100,000 loan with interest rate of 4% incurs an interest amount of $4000 per year. Annual Percentage Rate (APR): Interest and fees charged on a loan annually. The APR includes points and other bank/lender fees paid by the borrower and it is the true cost of the loan in term of interest rate per year. Example: The loan amount is $100,000 and the advertised annual interest rate is 4% (same as above example). … (0 comments)
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Definitions: Annual Interest Rate (INT): Is a simple interest rate that is used to calculate the interest amount for a given loan amount and a period. For example; $100,000 loan with interest rate of 4% incurs an interest amount of $4000 per year.
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