why is interest rate and apr different

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Why is the APR different to the interest rate for Credit Cards? Customers will be charged a single interest rate for purchases and balance transfers. The APR (annual percentage rate) is a combination of the interest rate and the 24 annual fee calculated as an interest rate over a 12 month period , based on an assumed credit limit of 1,200.

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When you borrow money or make an investment, you know the interest rate is important. But as you compare rates on financial products, you may find that they’re expressed in two different ways: annual percentage rate (APR) and annual percentage yield (apy). While these two abbreviations may only be one letter apart, there are big differences between them.

An APR includes both the mortgage interest rate you pay for the loan as well as some of the fees the lender charges you to get the loan. There could also be other costs that you’d have to pay that aren’t included in the APR.

There is the annual percentage rate, known as the APR, and there is also the interest rate. Both figures are independent of each other. Interest Rate. The interest rate, or note rate, is simply the rate of interest that will be charged by a lender on the amount loaned.

APR (or annual percentage rate) is the higher of the two rates and reflects your total cost of financing your vehicle per year including fees and interest accrued to the day of your first payment (APRs are useful for comparing loan offers from different lenders because they reflect the total cost of financing)

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For more details read Martin’s blog on why you should ‘ignore mortgage apr rates. but there are two main areas where the difference shows: Monthly or yearly interest? If interest is paid annually.

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Your loan's APR reflects not only the interest rate but also the lender's. may have different APRs if they have different payment schedules.

The truth is, each is a totally different type of interest rate; they are all. The APR, or annual percentage rate, is the interest rate of a loan plus.