APR (Annual Percentage Rate)
[/ˌeɪ piː ˈɑːr/ or /ˌeɪ pɪ ˈɑːr/]
noun
Taxa Anual Percentual (TAP) or Taxa Percentual Anual
1. The yearly cost of a loan or credit, expressed as a percentage, including interest and other fees or charges involved in procuring the loan
The credit card offers an APR of 18% for the first year.
O cartão de crédito oferece uma TAP de 18% no primeiro ano.
2. A standardized measure used by lenders to disclose the true cost of borrowing money to consumers
Always compare APR rates before choosing a mortgage lender.
Sempre compare as taxas de TAP antes de escolher um credor hipotecário.
3. The percentage rate charged annually on borrowed money, used to facilitate comparison between different loan products
The APR is typically higher than the interest rate because it includes additional fees.
A TAP é tipicamente maior que a taxa de juros porque inclui taxas adicionais.
In the United States, APR disclosure is mandated by the Truth in Lending Act (TILA) to protect consumers. In Brazil, financial institutions must disclose the 'CET' (Custo Efetivo Total) which is the Brazilian equivalent. Understanding APR is crucial for Brazilian consumers when taking loans, mortgages, or using credit cards, as it affects the total cost of borrowing significantly.
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