Question of the Week Week of November 17, 2014

Annual Percentage Rate: What It Is, How It Works and What to Avoid

 

The Annual Percentage Rate (APR) is the approximate yearly cost of borrowing money from a financial institution.  It reflects the interest and/or fees assessed in conjunction with your balance and serves as a basis for choosing between similar financial products (e.g. between multiple credit card offers or mortgages).

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