Interest rate compounded semi-annually not in advance. If there are no non-interest finance charges, the AIR and APR will be the same.Īpplicable to residential mortgages only and subject to Innovation Federal Credit Union lending criteria for residential properties. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.Īnnual Interest Rate = The total cost of credit expressed as an annual percentage, not including various non-interest charges.Īnnual Percentage Rate = The total cost of credit expressed as an annual percentage, taking into account, both interest and various non-interest charges. We cannot and do not guarantee their applicability or accuracy.
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