Annual percentage rate (APR) is a value reflecting true annual cost of borrowing money. This can be calculated as the rate (for a payment period) multiplied by the number of payment periods in a year. Expressed as a percentage, APR can vary depending on if lender fees and closing costs are rolled into the loan.
Consider a $200,000 loan to be paid over the course of 30 years with a 4.5% interest rate. The APR is 4.5% and monthly payment is $1013.37.
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Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding the annual percentage rate (APR) contact Alyssa at 757-329-6161 or firstname.lastname@example.org. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.