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is apr the same as interest

Given that an APR and a different APY can be used to represent the same interest rate, it stands to reason that lenders and borrowers will emphasize the more flattering number to state their case.

 · Student Loan APR vs. interest rate: 5 essential faqs . October 20, 2016 · 3 minute read We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey.

The interest rates on USA payday loans are usually around 15% interest every two weeks. If you are looking for this measure in APR, it comes out to an APR of around 390%.

With simple interest, the amount of the deposit remains the same, and the. The Difference Between Interest Rate and APR | Find a Loan. – But another number – the annual percentage rate, or APR – is just as important when trying to determine how much house you can afford. The difference between the interest rate and APR is simple, says Bryan Sherman, a consumer lending executive with Bank of.

Best Answer: Not the same. APR is the real rate you pay, and will be higher that the associated rate because it includes any financed fees and compounded interest. All loan rate should be quoted as APR. APR (aka Annualised Percentage Rate) is a type of interest rate that is calculated over a set period of months (normally twelve).

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The main difference between APR and EAR is that APR is based on simple interest, while EAR takes compound interest into account. APR is most useful for evaluating mortgage and auto loans, while.

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APR reflects the simple interest rate over a year’s time, while APY describes the rate with the effect of compounding, or the interest on interest (more on this later). Both APR and APY may also incorporate any relevant fees, such as loan origination or other processing fees.

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How Does Credit Card APR Work? Nominal APR is the simple interest rate you pay over one year. For example, if you’re paying 1% interest on a loan every month then your nominal APR is 12%. Effective APR is the amount you pay after fees and compound interest have been added to the charges.