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APR  Many lenders add upfront fees and then spread them out over the life of the loan, making the actual interest rate higher than what was quoted  Because this can be confusing, lenders are required by law to disclose the annual percentage rate (APR) in a table for consumers to be able to effectively compare loans

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Finding APR  Step 1: Find the finance charge per $100 borrowed  Step 2: Find the row in the table marked with the number of payments and move to the right until you find the amount closest to the number in Step 1  Step 3: The APR (to the nearest half percent) is at the top of the corresponding column

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Paying loans off early  Paying loans off early is one way a lender can save money  They will avoid paying all of the entire interest, unearned interest  There are two methods used to find the unearned interest:  The Actuarial Method  The Rule of 78