Other forms: aprs
APR is the yearly cost of borrowing, shown as a percentage. A low APR, the APR is twenty per cent, compare the APR.
It exists so that loans can be compared honestly: it folds in the interest and the compulsory fees and expresses the lot as one annual figure. Lenders must publish it in most countries, and a representative APR is the rate only most applicants get.
1nounaprThe yearly cost of borrowing, shown as a percentage.
“The loan looked cheap until I noticed the APR of 29 per cent.”
apr is a rate.