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Annual Percentage Rate (APR)
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Annual Percentage Rate: The cost of financing a debt, expressed as a yearly rate. Credit cards often have several different APR’s - one for purchases, one for cash advances and one for balance transfers. Most banks will increase the APR if a payment is late, if your balance is higher than the credit limit, or if you default on the Universal Default Rate.
To calculate the amount owed in interest each month divide the APR by 12. Example: if the APR is 24% the monthly rate is 2.0%
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