What Is APR?
- September 19, 2017
- by Saundra Davis
Your Annual Percentage Rate (APR) is the interest you will pay over the course of a year. This doesn’t tell you how much you will actually pay if your interest is compounded in shorter increments. Our loans are usually compounded monthly, or for most credit cards, daily! YIKES!
If you really want to know how much you’re paying on your credit balances each day, divide your APR by 365 to come up with the daily interest charge.