Annual Percentage Rate or APR is described as a popular method to compare finances lent for a time period of a year or more. These are the interest rates that are being calculated for a whole year rather than several months. It is a simplified counterpart of interest rate that has to be paid on the borrowed loan amount by the borrower. The lender is expected to reveal the APR before lending loans to the borrower.
APR facilitates the loan user to get a clear understanding of actual interest rates applicable to their individual loan deals. It is expressed as a single percentage number that is calculated by three ways. The first one is by compounding the rate of interest for each year excluding the fees. In the second method, the origination fee is added to the balance due. The last method calculates the APR on the basis of first loan payment.
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