What does APR stand for?

APR stands for Annual Percentage Rate. It is a measure used in financial terms to represent the annual cost of borrowing, expressed as a percentage. APR includes both the interest rate and any additional fees or charges associated with the loan or credit product. It provides a standardized way to compare the costs of different loans or credit options. The higher the APR, the more expensive it is to borrow money. It is important to understand the APR when considering taking out a loan or using a credit card, as it can affect the overall cost and affordability of the borrowing.