Annual Percentage Rate


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Annual Percentage Rate

The actual cost of borrowing money, expressed in the form of a yearly measure to allow consumers to compare the cost of borrowing money among several lenders.

The Federal Truth-in-Lending Act (15 U.S.C.A. § 1601 et seq. [1968]) mandates the complete disclosure of this rate in addition to other credit terms.

Cross-references

Truth in Lending Act.

References in periodicals archive ?
To determine if there is a significant difference between the annual percentage rate of change for the periods 1961 to 1981 and 1982 to 2002 requires testing for coincidence of the two straight lines given in equation [4].
99 percent fixed annual percentage rate, a credit line of up to $100,000 and no transaction fees on balance transfers.
The weighted average annual percentage rate (WA APR) in 2006-B is 5.
We are also aware that consumers receive in the mail offers for card accounts enclosed in envelopes that may boldly display a term such as an introductory low annual fee or annual percentage rate.
Through the new interface, Ellie Mae users can run real-time compliance checks to ensure federal, state, and local anti-predatory lending compliance, as well as automatically calculate annual percentage rate (APR), rate spread, and Truth-in-Lending compliance.
The bill would define a high-cost mortgage as one that meets at least one of the following characteristics: (1) the annual percentage rate (APR) exceeds the yield on U.
9 percent annual percentage rate, which will be fixed for six months.
Under this "trigger term" approach, a card issuer that advertisers its annual percentage rate, for example, must also disclose any minimum finance charge, transaction fee, or similar charge.
Public Interest Research Group, to require dealers to also disclose a uniform interest rate, akin to an annual percentage rate or APR, said Fed spokesman Joe Coyne.
It's unclear how the Fed will address the issue of disclosing a lease in terms of an annual percentage rate, or APR.
Ask for the annual percentage rate - not the simple interest rate - because it reflects the rate and fees for the loan, Hillebrand said.
Interest rates, however, can quickly reach an average annual percentage rate (APR) of over 600 percent, often trapping borrowers in a cycle of skyrocketing payoff amounts.

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