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APR Annual Percentage Rate

APR Annual Percentage Rate
The APR is the cost of money borrowed, expressed as an annual rate. The APR is a useful consumer tool to compare different lenders, but unfortunately, it is not used correctly. The APR can only work when comparing the same exact loan type from one lender to another. It doesn't work as well when comparing different types of mortgage programs with different down payments, terms, and so on.



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