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The term annual percentage rate of charge (APR), [1] [2] corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), [3] is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, [4] etc. It is a finance charge expressed as an annual rate.
To promote financial products that do not involve debt, banks and other firms will often quote the APY (as opposed to the APR because the APY represents the customer receiving a higher return at the end of the term). For example, a certificate of deposit that has a 4.65% APR, compounded monthly, would instead be quoted as a 4.75% APY. [1]
APR BBC, a Rwandan basketball club Asia Pacific Rayon , Indonesian-based viscose-rayon producer Asia-Pacific Scout Region (World Organization of the Scout Movement)