Annual Percentage Rate(redirected from Nominal annual rate)
Also found in: Dictionary, Medical, Financial.
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. ) mandates the complete disclosure of this rate in addition to other credit terms.