2006-10-30 08:56:05 · 5 answers · asked by lam2210 1 in Business & Finance ➔ Credit
If you get $100 dollar loan for one year at a rate of 5% per annum to be paid back monthly in 12 equal instalments of say $12 per month, you will pay back in all $144. Although the annual rate was only 5%, the APR (annual percentage rate) would be 44%. That is why it is always worth looking for the APR rather than the annual rate..................
2006-10-30 09:02:37 · answer #1 · answered by thomasrobinsonantonio 7 · 0⤊ 1⤋
APR is Annual Percentage Rate...what the banks, credit Unions, most any lender will charge you to use their money.
2006-10-31 05:41:03 · answer #2 · answered by just me 1 · 0⤊ 0⤋
Annual Percentage Rate is what credit companies or lenders charge you when you borrow money from them. I varies and is usually based on your credit score. The higher your credit score the better or lower your APR.
2006-10-30 16:59:15 · answer #3 · answered by vanityspice 3 · 0⤊ 0⤋
Annual Percentage Rate. Basically what the bank charges you for using their money.
2006-10-30 16:58:02 · answer #4 · answered by Michael 2 · 0⤊ 0⤋
thomasrobinsonantonio needs to learn basic math as it applies to loans. If you barrow $100.00 for 1 year at 5%, your monthly payment would be $8.56. Your total payments would be $102.72.
2006-10-30 20:05:46 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋