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What is an APR & how does it work?

Here’s what you need to know. How does an APR work? APR stands for Annual Percentage Rate and it represents the yearly cost of borrowing money. It includes the interest rate that applies to your account (credit card, mortgage, line of credit, etc.) plus other fees related to that account.

What is Apr & how is it calculated?

APR is the cost of borrowing money expressed as a yearly percentage. This figure is calculated based on the loan’s interest rate and any fees that are part of its terms. The APR may be fixed or variable, depending on the type of loan.

What does Apr mean on a loan?

APR represents the price you pay for a loan. It typically includes interest rates and any fees, too. APR can sometimes be the same as a loan’s interest rate, like in the case of most credit cards. APR may be fixed or variable, meaning the rate may stay the same or it might change with market factors.

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