Understanding APR and Interest Rates: Key Differences Explained.
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APR and interest rate are not the same thing
When it comes to loans, the APR and the interest rate are not necessarily the same thing. In fact, the APR is the annualized cost of borrowing money, but the interest rate is the rate at which you accrue interest. If your loan has an origination fee, that will to be included in your APR. So, in that case, your APR would be higher than your interest rate.
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