APR stands for Annual Percentage Rate.
The annual percentage rate on a loan is the amount the lender would charge if you borrowed the money for a year, as a percentage of the original loan.
For instance at 40% APR, to borrow for a year you’d be charged 40% of the original loan, on top of paying it back.
What is a 24% APR?
A. APR is short for Annual Percentage Rate, which is the interest you’re charged over a 12-month period. For instance, a card with 24% APR costs 2% per month on balances that you carry from month to month.
What is a good APR?
An annual percentage rate (APR) on a credit card is the annualized version of its interest rate. The average variable credit card APR is 16.81% as of April 5, 2018, which means that a good APR credit card should have a rate at least below that.
What does APR mean on a loan?
annual percentage rate
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