Glossary
APR
The annualised cost of credit including fees, expressed as a percentage of the money actually received.
APR is the only unit in which financing products priced differently can honestly be compared. It accounts for fees deducted from the wire, the repayment schedule, and the declining balance.
Federal Truth in Lending APR disclosure requirements cover consumer credit, not commercial credit - which is why business borrowers often have to compute it themselves. Several states now require commercial financing disclosures that include an estimated APR.
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