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| ANNUAL PERCENTAGE RATE |
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Related Terminology: 80-10-10 mortgage
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| the effective rate of interest for a loan per year, disclosure of which is required by the truth-in-lending Law. |
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| Example Abel gets a loan for $50,000 at 8% interest plus 2 discount points, payable over 30 years. Because of the discount points $49,000 has been effectively borrowed but $50,000 must be repaid with 8% interest on $50,000. Considering the effective amount borrowed, the annual percentage rate is 8.21%. |
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