APR (Annual Percentage Rate) represents the yearly cost of borrowing money, including interest and fees.

Why APR matters: It allows you to compare different loan offers on an equal basis, as it includes both interest rates and additional costs.

APR vs Interest Rate: While interest rate is the cost of borrowing the principal amount, APR includes additional fees like origination fees, closing costs, and other charges.

Note: This calculator provides estimates. Actual APR may vary based on specific loan terms and conditions.