What is APR ?
The terms annual percentage of rate (APR) describes the interest rate for
a whole year rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card,
Compound interest arises when interest is added to the principal, so that
from that moment on, the interest that has been added also itself earns interest. The effective interest rate is
the interest rate on a loan or financial product restated from the nominal interest rate. Nominal interest rate or
nominal rate of interest refers to the rate of interest before adjustment for inflation without adjustment for the
full effect of compounding.
Vefore taking out a loan for mortgage, refinancing, car purchase, whether
secured or unsecured, check the interst rate and charges very carefully.