Exactly why is APR Applied?
APR is a relative measure to help compare loans. We now have seen that comprehending the details of that loan may be tricky in some instances. Each loan might therefore be different comparing them can show problematic. A parameter called APR was invented in order to solve this problem, and to allow people to compare loans. The concept behind this parameter would be to provide individuals a way that is quick understand which loan offer is much more high priced than the others are.