Calculate the Annual Percentage Rate (APR) on any loan — including all fees and charges — to find the true cost of borrowing and compare loan offers accurately.
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Enter the loan amount, nominal interest rate, loan term in months and any fees or charges to calculate the true APR.
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The interest rate is the base cost of borrowing expressed as a percentage. APR (Annual Percentage Rate) includes the interest rate plus all fees and charges, expressed as a yearly rate. APR gives you the true cost of a loan for comparison purposes.
APR is calculated by finding the interest rate that makes the present value of all loan payments equal to the loan amount minus any upfront fees. It accounts for the compounding effect of monthly payments and the impact of fees on the effective cost.
Because APR includes origination fees, closing costs, broker fees and other charges that the interest rate alone does not capture. A loan with a 6% interest rate and $500 in fees will have an APR higher than 6%.
A good APR depends on the loan type and your credit score. For personal loans in the US, 6–12% APR is considered good for borrowers with excellent credit. Rates above 20% are considered high and should be approached carefully.
Generally yes, but consider the full picture. A low APR loan with heavy early repayment penalties may cost more than a slightly higher APR loan you can pay off early. Always read the full loan terms.
APR is the nominal annual rate including fees. EAR (Effective Annual Rate) accounts for compounding within the year. For monthly compounding, EAR = (1 + APR/12)^12 - 1, which is slightly higher than APR.
APR is the standard metric for comparing credit costs. However, credit card APRs are typically quoted without fees since card fees vary. For loans, APR is the most reliable single-number comparison tool.
Typically: origination fees, broker fees, mortgage points, closing costs and certain insurance requirements. Not typically included: late payment fees, prepayment penalties or optional insurance products.
Standard APR is a nominal rate — it does not account for the effect of compounding. The EAR (Effective Annual Rate) does account for compounding and will always be equal to or higher than the APR.
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