APR (annual percentage rate)
This includes interest plus any additional costs or pre-paid finance charges such as prepaid interest, closing fees, points and private mortgage insurance (PMI). The APR is the total cost per year for credit and is typically higher than the actual interest rate.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
annual
Noun: annual (a plant that completes its entire life cycle within the space of a year)
Noun: annual, yearly, yearbook (a reference book that is published regularly once every year)
Adjective: annual, yearly (occurring or payable every year) "an annual trip to Paris"; "yearly medical examinations"; "annual (or yearly) income"
Adjective: annual, one-year (completing its life cycle within a year) "a border of annual flowering plants"
percentage
Noun: percentage, percent, per centum, pct (a proportion multiplied by 100)
Noun: share, portion, part, percentage (assets belonging to or due to or contributed by an individual person or group) "he wanted his share in cash"
rate
Noun: rate, charge per unit (amount of a charge or payment relative to some basis) "a 10-minute phone call at that rate would cost $5"
Noun: rate (a magnitude or frequency relative to a time unit) "they traveled at a rate of 55 miles per hour"; "the rate of change was faster than expected"
Noun: pace, rate (the relative speed of progress or change) "he lived at a fast pace"; "he works at a great rate"; "the pace of events accelerated"
Noun: rate (a quantity or amount or measure considered as a proportion of another quantity or amount or measure) "the literacy rate"; "the retention rate"; "the dropout rate"
Verb: rate, rank, range, order, grade, place (assign a rank or rating to) "how would you rank these students?"; "The restaurant is rated highly in the food guide"
Verb: rate (be worthy of or have a certain rating) "This bond rates highly"
Verb: rate, value (estimate the value of) "How would you rate his chances to become President?"; "Gold was rated highly among the Romans"
- APR (annual percentage rate) -
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