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When comparing loan options and credit cards, it’s important to consider their annual percentage rates. Here’s how APR reflects the true cost of borrowing.
Short for annual percentage rate, an APR is the amount you pay per year to borrow money. An APR includes the total interest, plus any additional fees, closing costs and required insurance. So, it more accurately reflects the cost of borrowing than interest alone. Lenders must disclose the APR before a borrower signs for a loan.
Example: “When considering different loan options, compare their APRs, not just their interest rates.”
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