The effective or true annual interest rate being charged for credit is called the Annual Percentage Rate (APR).

Name: The effective or true annual interest rate being charged for credit is called the Annual Percentage Rate (APR).
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Question

The effective or true annual interest rate being charged for credit is called the Annual Percentage Rate (APR).​

Quizplus · Accepted Answer

The Annual Percentage Rate (APR) represents the actual yearly cost of funds over the term of a loan or income earned on an investment, including any fees or additional costs associated with the transaction, making it a more accurate reflection of the true cost or yield.

The Effective or True Annual Interest Rate Being Charged for Credit