Math Definitions - Letter A
Chapters
Definition of Annual Percentage Rate
Definition of Annual Percentage Rate
The annual percentage rate is the percentage cost of borrowing money each year. It includes fees, interest, and other charges.
For example, if you pay \(\$300\) interest on a loan of \(\$10,000\), together with a \(\$200\) account fee, then it costs you a total of \(\$500\) to finance your loan each year. This corresponds to an annual percentage rate of \(5\%\).
Another name for the annual percentage rate is the comparison rate.
Description
The aim of this dictionary is to provide definitions to common mathematical terms. Students learn a new math skill every week at school, sometimes just before they start a new skill, if they want to look at what a specific term means, this is where this dictionary will become handy and a go-to guide for a student.
Prerequisites
None
Audience
Year 1 to Year 12 students
Learning Objectives
Learn common math terms starting with letter A
Author: Subject Coach
Added on: 4th Dec 2017
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