annual percentage rate

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annual percentage rate

n
(Banking & Finance) the annual equivalent of a rate of interest when the rate is quoted more frequently than annually, usually monthly. Abbreviation: APR
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
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For borrowing by commoners, the bank's base rate is currently 4% which with a 4% interest in case of a personal guarantee rises to an annualised percentage rate of 8.9% and with asset-based collateral, that carries a 2.75% interest, rises to an APR of 7.6%.
"We are offering a lower annualised percentage rate (APR) on our Salaf personal, car and mortgage loans," BMI Bank chief executive Jamal Al Hazeem said.