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 ?
Equation [3] was used to convert the continuous rate of change [r.sub.1] (for the period 1961 to 1981) and the continuous rate of change [r.sub.1] + [r.sub.2] (for the period 1982 to 2002) to annual percentage rates of change.
In 2003, District of Columbia Commissioner of Insurance and Securities Regulation Lawrence Mirel told participants in a legal seminar that the complaints cited failure to provide an annual percentage rate for these fees as an unfair trade practice.
By law, all providers must quote the Annual Percentage Rate they charge.
The annual percentage rates may well be sky-high, but payday loans are often less expensive than the alternatives: bounced check fees or illegal loan sharks.
It appears that consumer awareness of annual percentage rates (APRs) on bank-type credit cards has continued to rise and was measured by the survey at 85 percent of bank-type card holders.
Compare lenders and annual percentage rates before borrowing - generally speaking, the lower the APR, the better the deal.
THE report found credit providers are charging "sky high" interest rates of more than 900% APR (annual percentage rates).
- Never select a mortgage based solely on the flat interest rate that is advertised - compare lenders' annual percentage rates and cost per thousand figures.
It said there was a lack of competitive pressure in the pounds 4.8 billion sector on either the annual percentage rates (APRs) charged or the cost of associated insurance, with most APRs clustered around 30per cent.
It is stopping credit card firms describing introductory cut-price rates as ongoing Annual Percentage Rates when they are no such thing.
Is it best to compare annual percentage rates and if so, what's the best way to do so?
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. Nonetheless, the Board believes that the proposed requirement would not offer enough benefit to consumers to further complicate the rules.

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