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What does annual percentage rate mean?

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annual percentage rate
(APR)
Noun

1. The annualized nominal rate without intraperiod compounding, equal to the periodic nominal rate times the number of compounding periods for a year.
2. The nominal rate on the total cost of borrowing, including any fees and other charges over the term of a loan, without compounding.

Synonym(s): 
  • annual nominal rate; annual percentage rate of charge; annual stated rate; nominal APR; nominal annual rate.
Comment: 
US Federal Truth in Lending Act requires publication of the APR for every consumer loan agreement together with the nominal interest rate.
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