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APR (Annual Percentage Rate) is a reflection of the percent owed in simple interest at the end of the year. When compounding is involved, the APR can understate the true effective APR (this term is synonymous with EAR) rate or the EAR (Effective Annual Rate). We'll go about calculating both rates in this tutorial. By the end I'll summarize it all and show the effect of compounding on APR rates (dramatically affects the rates).
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