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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. [1968]) mandates the complete disclosure of this rate in addition to other credit terms.

cross-references

Truth in Lending Act.

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"Annual Percentage Rate." West's Encyclopedia of American Law. . Encyclopedia.com. 20 Oct. 2017 <http://www.encyclopedia.com>.

"Annual Percentage Rate." West's Encyclopedia of American Law. . Encyclopedia.com. (October 20, 2017). http://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/annual-percentage-rate

"Annual Percentage Rate." West's Encyclopedia of American Law. . Retrieved October 20, 2017 from Encyclopedia.com: http://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/annual-percentage-rate