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.

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2] (for the period 1982 to 2002) to annual percentage rates of change.
The continuous rates of change were converted to annual percentage rates of change using Equation [3] and listed in Table 2.
The annual increase of Northeastern regional timber stumpage prices: 1961 to 2002
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.
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Consumers in need of short-term cash [should] avoid extremely expensive short term loans, and [should] instead build up a savings nest-egg to cover financial emergencies, seek budgeting and debt management assistance from non-profit consumer credit counseling services, and shop for credit based on both the dollar finance charge and the Annual Percentage Rate," advise the two organizations in a summary of a November 2001 study bashing the payday loan industry.
Legal loan sharking or essential service? The great "payday loan" controversy
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.
Statement submitted by the Board of Governors of the Federal Reserve System to the Subcommittee on Consumer Credit and Insurance of the Committee on Banking, Finance and Urban Affairs, U.S. House of Representatives, February 9, 1994

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