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ANNUAL PERCENTAGE RATE

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

Also known as APR; a net interest rate which takes into account fees paid up-front and other costs of acquiring a loan and added to the average compound interest rate of the loan over the term. Mortgage lending entities are required to post the APR so that borrowers can have a reasonable basis for comparison and be able to appreciate the differences between the actual cost of the loans.

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