BOA – What is APR? Non-Profit

What is APR?

You may have seen the term APR, or annual percentage rate, used in reference to everything from mortgages and auto loans to credit cards. Understanding how banks calculate APRs and how they work can help you make more informed credit card decisions.

Read this short lesson, then return here to answer a quiz question to continue!

About Kevin Smith

Kevin is the content manager for Personal Finance Lab and is from Chicago, Illinois. He has a Master's Degree in Economics from Concordia University in Montreal, Canada. In addition to an economics background, he has also built training manuals to prepare finance companies for licensing requirements in mortgage loan origination and insurance sales.