My loan has 2 rates: Annual Percentage Rate & Interest Rate- I thought I would only be charged the interest!?

Answers:0   |   LastUpdateAt:2012-11-05 18:37:39  

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b rad
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I have $20,937.01 in credit card debt. I know, I know, I really did myself over. My interest was off the charts on 3 separate cards, so I applied for a personal installment loan and received $20,000.00 at an interest rate of 6.99% over the course of 60 payments at $437.34 each. I have NEVER taken out a loan before and I tried to listen attentively and ask as many questions as possible in order to fully comprehend all the details, but I was never told about an Annual Percentage Rate of 7.223%, which I can now see on the paperwork I was given to take home with me. I am very confused. Why are there 2 rates? How is this decided? How much am I actually going to pay in interest then? I would really appreciate some insight. Thanks so much!
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