annual percentage rate
noun
: a measure of the annual percentage cost of consumer credit (as in installment buying or a charge account) that is required by law to appear on statements of credit accounts and is variously computed but always takes into consideration the amount financed, the amount of the finance charges, and the schedule of repayment
—abbreviation APR
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“Annual percentage rate.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/annual%20percentage%20rate. Accessed 23 Nov. 2024.
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