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Basic APR Calculator
Basic APR Calculator
What is APR?
The Annual Percentage Rate (APR) shows the true cost of borrowing by including both the interest rate and certain fees. It helps you compare different loan offers fairly.
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Example
Loan Amount: $20,000
Interest Rate: 5.99%
Term: 48 months
Fees: $295
Calculated APR: 6.85%
Why Use APR?
- Compare loans from different lenders accurately
- Understand the real cost of borrowing
- Make better financial decisions
- Comply with Truth in Lending disclosures
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