Pay Rate
The pay rate is the amount of money you have to repay on, say, a loan or some other financial product. The pay rate is similar to, but not exactly the same as, the APR. To explain further, suppose you take out a loan with an APR of 10% but you are able to take out an introductory offer of a 1% discount for the first year. This would mean, despite the fact that the APR remains at 10%, that your pay rate for the first year is 9%.
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