What is APR and how is it calculated?

409 views

I found out my APR for my credit card is roughly 18%. Fortunately, I get a grace period of 15 billing periods until APR is accounted for. I don’t understand what APR is, like how it’s different from interest rate.

In: Other

3 Answers

Anonymous 0 Comments

**Please read this entire message**

Your submission has been removed for the following reason(s):

Straightforward or factual queries are not allowed on ELI5. ELI5 is meant for simplifying complex concepts.

If you would like this removal reviewed, please read the [detailed rules](https://www.reddit.com/r/explainlikeimfive/wiki/detailed_rules) first. **If you believe this submission was removed erroneously**, please [use this form](https://old.reddit.com/message/compose?to=%2Fr%2Fexplainlikeimfive&subject=Please%20review%20my%20thread?&message=Link:%20https://www.reddit.com/r/explainlikeimfive/comments/odc72i/eli5_what_is_apr_and_how_is_it_calculated/%0A%0APlease%20answer%20the%20following%203%20questions:%0A%0A1.%20The%20concept%20I%20want%20explained:%0A%0A2.%20Link%20to%20the%20search%20you%20did%20to%20look%20for%20past%20posts%20on%20the%20ELI5%20subreddit:%0A%0A3.%20How%20is%20this%20post%20unique:) and we will review your submission.

You are viewing 1 out of 3 answers, click here to view all answers.