But taking out a shorter loan can save much more money than many people realize. Now, let's say the going interest rate is 8.5 percent, but you opt to borrow for four years. That's the real cost of borrowing money. Compared to the interest rate, a loan's APR is a more accurate measure because the APR takes into account the fact that the loan balance changes over time. Under the Truth in Lending Act, the APR must be included in loan agreements.
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