mortgage interest rate and apr

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Updated May 13, 2019 Annual percentage rate (APR) explains the cost of borrowing, and it’s particularly useful for credit cards and mortgage loans. APR quotes your cost as a percentage of the loan amount that you pay each year. For example, if your loan has an APR of 10 percent, you would pay $10 per $100 you borrow annually.

Most mortgages use simple interest. However, some loans use compound interest. Interest rates on consumer loans are typically quoted as the annual percentage rate (APR). This is the rate of return.

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