Basic definitions on on an interest rate and then what an APR is so interest rates are the rate that you pay back alona right so let's say you borrow a hundred thousand and the bank is charging you five percent five percent is the interest that you would pay on a hundred thousand now depending on how long that term is or how much that loan cost you to get right those things are all included in what's called an APR right and that is the actual cost of getting said home loan or said financing for a term of X number of years now what's really important about the two things is that interest rate just talks about interest and APR is talking about total cost and you will hear many financial people talk about.
Read more: What are the main Difference between APR & APY
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