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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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26% - Moderately

Annual Percentage Rate of Charge


Acronyms &
abbreviations:
APRC
Tags: finance, interest rates, loan
 

Definition of annual percentage rate of charge (APRC)

annual percentage rate of charge (APRC)
1. A yearly interest rate that includes fees and costs paid to obtain the loan. Lenders are required by law to disclose this interest rate. The rate is calculated in a standard way, taking the average compound interest rate over the loan term, so borrowers can compare loans. In mortgages, it is the interest rate of a mortgage when taking into account the interest, mortgage insurance, and certain closing costs including points paid at closing. There is no APR in an automobile lease; instead, the cost of money is expressed as the money factor.

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