These can include origination fees, points fees, and closing fees among other things. Because APR bundles the simple annual interest rate and.
A common misperception is that your annual percentage rate (apr) and interest rate are the same thing. They aren’t. Your interest rate is what you’ll pay above the actual loan amount to the lender expressed as a percentage of the amount you’re borrowing. The APR includes your interest rate along with some of the other costs associated.
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Interest rate vs. APR. When evaluating the cost of a loan or line of credit, it’s important to understand the difference between the advertised interest rate and the annual percentage rate, or APR. The advertised rate, or nominal interest rate, is used when calculating the interest expense on your loan. For example,
So someone who opens both and puts £3,000 into each would receive a total of £180 interest a year. To get the same. thing or two by launching what may be the lowest loan rate ever recorded.