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OMG Watch Out for Lurking APR Predators
The APR - Annual Percentage Rate - is  a per cent that is meant to be used to compare one loan with another.
With the new disclosure regulations, lenders are required to notify the buyer when a change in the loan changes this rate. Still, for many buyers the meaning of this rate has been something of a mystery.
Bill Lawdewig's post does a great job of demystifying the APR. 
APR Predators and APR Demystified
First, lets demystify Annual Percentage Rate (APR).

APR was designed to allow consumers to use one standardized number to compare the real cost of each lender's interest rate and it works like this.
If I lend you, $10,000  and, I charge a $500 Bump-ta-Bump Fee, you will actually receive $9,500, however you must still repay me $10,000.  APR is my real yield and your real cost on this loan.
We agreed that you will repay the loan at 8% interest on $10,000, HOWEVER you only received $9,500 therefore I will earn more than the 8.0% interest rate I charge on $10,000.  In this case, my yield (APR) is 9.799% on the $9,500 you received.   
APR is the lender's yield on dollars actually lent ($10,000 minus $500 = $9,500); in this case, the lender's yield (APR) on $9,500 is 9.799%   
The $9,500 also represents the Amount Financed ... more

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