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.
An APR is expressed as a percentage and is usually higher than an interest rate, as it factors in other charges related to getting a mortgage. APRs were created to make it easier for consumers to compare loans with different rates and costs.
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.
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Learn more about the difference between interest rate and APR. This article will give you all the details you need to know to be fully informed.
Interest rate refers to the annual cost of a loan to a borrower and is expressed as a percentage; APR is the annual cost of a loan to a borrower – including fees. Like an interest rate, the APR is expressed as a percentage.
The APR should always be greater than or equal to the nominal interest rate, except in the case of a specialized deal where a lender is offering a rebate on a portion of your interest expense.
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Interest Rate vs APR – What’s the Difference? Nearly all loan types come with two interest rates: the actual interest rate and annual percentage rate, or APR. Though the disclosure of both rates is done primarily to help borrowers decide what the true cost of loans are from one lender to another, they often confuse borrowers in the process.
APR: interest rates on consumer loans are often quoted with an annual percentage rate (apr). That number tells you how much you can expect to pay for every year you use the money, and it includes fees above and beyond interest costs. As a result, APR can be inaccurate (if you don’t keep the loan for as long as you expected, for example).