Talking about the Annual Percentage Rate (APR), it represents the annual cost of borrowing money, expressed as a percentage. It includes the interest rate and any additional fees associated with the loan, making it a more comprehensive measure than just the interest rate. APR helps borrowers compare different loans, as it provides a standard way to understand the total cost of a loan over a year. A lower APR means lower overall borrowing costs, which can lead to significant savings over the life of the loan.