What does APR mean in banking?
An example of an AI chatbot conversation about banking terms explained.
What does APR mean in banking?
APR stands for Annual Percentage Rate. It's the yearly interest rate charged on borrowed money.
How is APR different from interest rate?
The interest rate is just the cost of borrowing, while APR includes fees and other costs, giving a fuller picture.
Can you explain what a credit score is?
A credit score is a numerical representation of your creditworthiness, based on your credit history.
What factors affect my credit score?
Factors include payment history, credit utilization, length of credit history, types of credit, and new credit inquiries.
What is a mortgage?
A mortgage is a loan specifically for purchasing real estate, where the property serves as collateral.
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