what is apr
In some areas, the annual percentage rate (APR) is the simplified counterpart to the effective interest rate that the borrower will pay on a loan. In many countries and jurisdictions, lenders (such as banks) are required to disclose the cost of borrowing in some standardized way as a form of consumer protection.
Part 2 Calculating APR for Credit Cards. Divide your finance charges by the total balance, then multiply by 1200 to get your APR. APR, or annual percentage rate, is the amount of money your bank charges you when it lends you money.