How Do You Calculate APR?

APR is Annual Percentage Rate. The APR is the amount of interest that is normally charged on a loan, mortgage or a credit card.

APR is calculated by the lender using a method of credit scoring and working out your ability to pay back the borrowed finance. For example, a low APR rate will most likely be offered to persons with a regular income and good credit history. If you have missed payments and perhaps only work on a temporary basis, your APR will be much higher.

The best way to find out the lowest APR you can get is to apply for finance to a few companies. You can then work out which is the best deal for you based on the offers you are given. Bear in mind that each time you apply a credit check will be carried out which will be recorded on your credit file also, so other companies can see what you have applied for in the past.

We bought land for 18,500.00 at a rate of 8% . How much will we pay back?

Calculating APR is an incredibly complex calculation and unless you are a math major at MIT, something you will probably need an APR calculator for. This site does a nice job of breaking APR down in layman's terms.
www.bankapedia.com

Loan £15000 interest rate 8.6%