What is APR – Can You Explain It?

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APR is probably the most misunderstood, misused and misstated mortgage disclosure number ever produced.

The original idea was good; provide one number to allow consumers to compare borrowing costs from lender to lender.

Because so few people really understood it, which included most consumers, it is easy to “game” and a host of fly-by-night lenders do exactly that.

This article does the best job of explaining APR and how it can be “Gamed”.
http://www.themtgmentor.com/What-Is-APR.html

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