Posted on 04.02.08 8:34AM under finance
Did you know that many lenders calculate the APR wrong on your loan because there is no accurate way to compute an APR for an adjustable loan? Be aware that APRs also do not account for early payoffs. The annual percentage rate (APR) of your loan is found by doing a complex calculation of the interest rate and all of the other related lender fees divided by the loan’s terms. So instead of asking your lender to give you the APR of your adjustable loan, find out what the adjustment frequency is and find out what the maximum annual adjustment can be. Learn the index and margin too in order to get a better idea of what you will be paying.
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