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APR
Personal
WHAT IS IT?
APR is the yearly cost of borrowing money, including interest and certain charges.
IN PLAIN ENGLISH
Think of APR as a broader picture of what borrowing can cost you over a year.
SIMPLE EXAMPLE
If a loan has an APR of 10%, that figure can be used to compare the overall cost of similar borrowing, although the actual amount you pay depends on the agreement and how you repay it.
WHY DOES IT MATTER
APR matters because two borrowing options with similar headline interest rates can have different overall costs.
THE ROCKET TEST
APR helps you compare the overall yearly cost of borrowing.
SEE IT IN ACTION
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