The annual rate charged on a loan is the yearly interest amount that is charged on a loan you are borrowing, or the amount you earn on an investment.
As balance changes, the amount earned or owed changes because the APR is the percentage of the amount earned or owed.
APR helps us understand how much we will owe or make in interest during the term of our loan or investment.
To calculate the interest earnings or owed: interest rate divided principal payment or investment = TOTAL, then divide TOTAL by loan term, then that TOTAL by 365 days (a full years)
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