Annual Percentage Rate
ANNUAL PERCENTAGE RATE
The actual cost of borrowing money, expressed in the form of a yearly measure to allow consumers to compare the cost of borrowing money among several lenders.
The Federal Truth-in-Lending Act (15 U.S.C.A. § 1601 et seq. ) mandates the complete disclosure of this rate in addition to other credit terms.
"Annual Percentage Rate." West's Encyclopedia of American Law. . Encyclopedia.com. (August 21, 2017). http://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/annual-percentage-rate
"Annual Percentage Rate." West's Encyclopedia of American Law. . Retrieved August 21, 2017 from Encyclopedia.com: http://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/annual-percentage-rate