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business law

annual percentage rate (APR)

An annual percentage rate (APR) is the yearly rate charged for a loan or earned by an investment. In other words, it is a measure of the cost of credit, expressed as a yearly rate. APR includes interest as well as other fees associated with the transaction. It is calculated by multiplying the interest rate per payment period by the number of such payment periods in a year.

annulment

An annulment is a legal procedure that voids a marriage and declares it null from its inception. Unlike divorce, the effect of declaring a marriage void is retroactive, meaning that the marriage was void at the time it was entered into. It applies when an impediment to a legal marriage existed at the beginning of the marriage.

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