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• The cost of credit expressed as a yearly rate. For closed-end credit, such as car loans or mortgages, the APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay. An APR, or an equivalent rate, is not used in leasing agreements.

  The Federal Reserve Board - Cite This Source - This Definition
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  Cite Definition for Annual Percentage Rate (APR)

  American Psychological Association (APA)

  Annual Percentage Rate (APR). (n.d.). A Consumer's Guide to Mortgage Refinancings. Retrieved February 3, 2023, from website: http://www.expertglossary.com/definition/annual-percentage-rate-apr.

  Chicago Manual of Style (CMS)

  Annual Percentage Rate (APR). www.federalreserve.gov. A Consumer's Guide to Mortgage Refinancings. The Federal Reserve Board. http://www.expertglossary.com/definition/annual-percentage-rate-apr (accessed: February 3, 2023).

  Modern Language Association (MLA)

  "Annual Percentage Rate (APR)." A Consumer's Guide to Mortgage Refinancings. The Federal Reserve Board. 3 February. 2023 http://www.expertglossary.com/definition/annual-percentage-rate-apr.

• Browse Related Terms: Annual Percentage Rate (APR), application fee, appraisal fee, HUD-1 Uniform Settlement Statement, Loan origination fees, point, Points (also called discount points), Prepayment penalty/prepayment premium, Unpaid Principal Balance (UPB)

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