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Topic

Dear Prism experts,

What is an APR?

Answer:

APR is an Annual Percentage Rate. For the most part, it can be thought of as an interest rate (or the cost of borrowing money), but in the case of the mortgages, it typically includes various fees and insurance premiums. You should consult the small print on your loan to see exactly what fees are included.

Basically,

APR is an interest rate (cost of borrowing money) that typically includes various fees that come with the loan.