APR and Interest Rate: How Are They Different?
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Here are important facts to know about these credit terms:
Interest Rate
Interest is the amount of money you pay on for taking out a loan. The principal is the minimum monthly payment, while interest is added and can be a more flexible amount.Calculating APR
APR is determined by lenders based on your credit score and multiple other factors. There is an inverse relationship between credit scores and interest rates, as low credit scores lead to high-interest rates.Difference Between APR and Interest Rate
- One of the main differences between APR and interest rate is APR has a fixed fee while an interest rate does not.
- The interest rate is generally lower than the APR.
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Further Reading
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