Definition of mission for Students. 1 : a task that is assigned or begun. 2 : a task that is regarded as a very important duty She thinks of teaching as her mission. 3 : a group of missionaries. 4 : a group of people sent by a government to represent it in a foreign country.
15-Year Fixed-Rate Mortgage: The payment on a $200,000 15-year Fixed-Rate Loan at 2.875% and 70.00% loan-to-value (LTV) is $1369.18 with 2.125 points due at closing. The Annual Percentage Rate (APR) is 3.311%. Payment does not include taxes and insurance premiums.
What is APR? In strictest terms, APR is Annual Percentage Rate or the rate charged for borrowing a loan. This rate is an annual rate and represents the actual cost of the loan over its entire borrowed period. Thus, transaction fees and other additional charges associated with the loan would become a part of APR. Also, it is usually represented as a percentage. Credit cards companies have various loans with different costs, which are affected by their transaction fees, rate structure, penalties and other such charges.