annual percentage rate

noun

Definition of annual percentage rate 

: a measure of the annual percentage cost of consumer credit (as in installment buying or a charge account) that is required by law to appear on statements of credit accounts and is variously computed but always takes into consideration the amount financed, the amount of the finance charges, and the schedule of repayment abbreviation APR

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First Known Use of annual percentage rate

1969, in the meaning defined above

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