APR (Annual Percentage Rate)
APR is the yearly cost of borrowing (interest + certain fees), expressed as a percentage.
Formula
Monthly rate r = APR/12. Use r in the payment formula.
Example
APR 6% → r = 0.5%/month.
APR is the yearly cost of borrowing (interest + certain fees), expressed as a percentage.
Monthly rate r = APR/12. Use r in the payment formula.
APR 6% → r = 0.5%/month.