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What is APR?
APR stands for Annual Percentage rate. It is an annual rate which is charged for borrowing or earned through an investment. It is expressed as percentage. It includes any extra charges and costs associated with the transaction. Credit card companies and the lenders must show APR to the customers for giving a clear view of the actual rates applicable to their agreement.
Loans are offered either with fixed APR or variable APR. Fixed APR loan has an interest rate which will not change during the life of loan whereas Variable APR loan has interest rate which can be changed at any time.
Difference between APR and Interest rate-
The difference between the two is APR includes the nominal interest rate and any other costs or fees involved in processing the loan. Interest rate refers to the interest charged on loan; it does not include any other expenses. Because of this difference APR is higher than a loan’s interest rate.
Difference between APR and Annual Percentage Yield-
APR takes into account only simple interest whereas APY takes compound interest into account. Because of this difference APY tends to be higher than APR on the same loan.
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