How does the APR% work on a mortgage

mantis_2

OK, I can imagine this is a very simple question for most people on the board to answer, I am a newbie and a first time buyer. I was wondering how the APR percentage works exactly?? as the mortgage is being paid off monthly when is the % incurred? at the end of every year? or as you go along? e.g if it was 5.5%APR then would 5.5% be added straight away, as you go along or at the end of each year? thank you, oh take this example as a fixed rate mortgage, cheers.

Sean.