The interest is the cost of borrowing money expressed as a percentage, while the APR includes all the costs associated with borrowing, such as interest rate, fees, and other charges. That is why the APR is often higher than the interest rate.
FAQ
The interest is the cost of borrowing money expressed as a percentage, while the APR includes all the costs associated with borrowing, such as interest rate, fees, and other charges. That is why the APR is often higher than the interest rate.