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Personal Finance
Mortgages
Interest Rates
When buying a new house, is APR the same thing as annual interest rate?
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APR means the annual percentage rate. Your mortgage payments are based on the APR -- such as 5.5% interest on your mortgage.
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Assume we invest $2000 for one year in a savings account that pays an APR (Annual Percentage Rate) of 10% compounded quarterly.
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