What Is the Difference Between an Interest Rate and the Annual Percentage Rate (APR)?

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I’m sure that everyone has in fact heard of the term mortgage especially in the US since it is a common means among people who want some capital when they need to buy a house or a property. When you talk of mortgage costs there are two things to deem one is the interest rate and the other being the Annual percentage rate also well-known as the APR. Even though they both describe the same they are not the same that is why many borrowers get confused.

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