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What is the rate of interest per annum
barongreenback
Posts: 232 Forumite
in Loans
We have a loan quote with APR and then a different rate called rate of interest per annum. Can anyone explain what this is please
0
Comments
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without seeing the full details I can only guess.
but often there is an APR quoted which is the 'true' rate of interest and is useful for comparing different loans; and a simple rate which corresponds to the 12 times the monthly rate, this is useful if you want to work out how much interest you pay each month ... the difference in the two being compound interest0
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