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jhharlan
The term annual percentage rate (APR), also called nominal APR, and the term effective APR, also called EAPR,[1] describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate.[2] Those terms have formal, legal definitions in some countries or legal jurisdictions, but in general:[1]
The nominal APR is the simple-interest rate (for a year).The effective APR is the fee+compound interest rate (calculated across a year)
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