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Applied or Nominal Interest Rate
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Applied or nominal interest rate is the rate of interest which the lender uses to calculate the amount you actually owe them. The applied or nominal interest rate will not be the same as the APR as it does not include all charges. Hence it will be lower.
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Last Updated: April 2008 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.