Business Terms and Jargon Explained
What is APR
APR stands for Annual percentage rate. Usually on a loan the interest is expressed as a percentage for the year. E.g. you get a £1000 loan with a APR of 10% for one year. The interest for the year will be £100 being 10% of 1000. The total amount to pay back would be £1100. Therefore the monthly repayments would be 1100 divided by 12 = £91.67
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Term created / updated 2005-07-16 23:12:15
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