What is the difference between an APR and an Interest Rate
The difference between an interest rate and an annual percentage rate is that the interest rate is the cost you pay on a yearly basis to borrow money from your lender, or, the annual cost of borrowing the principal amount. The interest rate can be variable, or fixed, and does not include fees or any other charges you may have to pay for the loan.
The annual percentage rate is the annual cost of a loan to a borrower including fees and other charges.
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