The APR of your loan is 8.67% — significantly higher than the stated interest rate. In fact, loan interest rates are often referred to as "nominal" interest rates, meaning that they don’t reflect.
The difference Between APR and Interest Rate is simple. APR is the true cost of the loan, while the interest rate is just the amount of interest you’ll pay.
The nominal APR is the simple-interest rate (for a year). The effective APR is the fee+compound interest rate (calculated across a year). In some areas, the annual percentage rate (apr) is the simplified counterpart to the effective interest rate that the borrower will pay on a loan.
When you are shopping for a loan, instead of looking at the interest rate, you should focus on APR, which provides a clearer picture of how much the loan will cost you. An interest rate is the percentage of a loan amount that it costs to borrow money.
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APR stands for "annual percentage rate." Your APR includes your interest rate plus additional fees and expenses associated with taking out your loan. APR is a broader look at what you’ll pay when you borrow money and you can consider it your effective rate of interest.
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Understanding the difference between APR and interest rate could save you thousands on your mortgage.
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But also consider the interest rate and the APR to get the whole picture. If the lender charges fees but has a much lower interest rate and APR than you can get elsewhere, it may be worth it for you to pay the fees to get a lower rate. Shop around for the best interest rates and APR. Consider online lenders and brick and mortar lenders.
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