What is the difference between APR and interest rates?
A loan’s interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees such as origination fees and GPS fees that you may have to pay for the loan.
Annual percentage rate (APR) is a broader measure of the cost of borrowing money, also expressed as a percentage rate. The APR reflects not only the interest rate but also the fees that you pay to get the loan. Learn more here.