Your credit card charges you a .85 percent interest per month. This rate when multiplied by 12 exists named the Annual Percentage rate.
The cost of borrowing money each year, including fees, is stated as an annual percentage rate (APR). The annual percentage rate (APR) is a more comprehensive indicator of the cost to you of borrowing money because it includes both interest rates and application costs.
The annual percentage rate (APR), which a financial institution assesses on a loan or the return on an investment, is the annual percentage. APR is calculated using the following formula: APR = (Fees + Interest) x 1 year x 100 / Principal amount, number of loan terms. APR comes in two flavors: fixed APR and variable APR.
Hence, Your credit card charges you a .85 percent interest per month. This rate when multiplied by 12 exists named the Annual Percentage rate.
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