Annual Percentage Rate - APR

 

APR is self-explanatory; annual percentage rate, this is the percentage amount over the year and not monthly. Every loan, credit card, mortgage or any other financial loan has APR on it, it’s a legal requirement to display the APR, to simplify the term would be to say that the APR is how much the loan will cost you over the year to borrow.

Source - http://www.handycash.co.uk/blog/what-is-apr-annual-percentage-rate/