the total yearly interest charged on a loan or mortgage.
The APR is a way of showing the true cost of a loan. This is the best way of comparing various loan costs. An APR rate takes into account intrest and also any other charges you have to pay, for example an arrangement fee.
a measure of the cost of credit, expressed as a yearly rate, including interest as well as other charges; this rate provides a good basis for comparing costs of loans.
The cost of credit on a yearly basis expressed as a percentage.
The effective rate of interest for a loan per year. This rate is typically higher than the note rate because it takes into account closing costs. This is one way to compare loan programs offered by different lenders. Caution : the APR is sometimes computed differently by different lenders and can be misleading