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Consumer Glossary

APR
The Federal Trade Commission defines “annual percentage rate” (APR) as the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay.”
Credit card companies, mortgage companies and other lenders must disclose contract details, including the APR. 

Lemon Laws
According to the Federal Reserve Board, “lemon laws” are state laws that provide remedies to consumers for vehicles that repeatedly fail to meet certain standards of quality and performance.  Lemon laws vary by state and may not cover leased vehicles.  Lemon laws may also cover “defective” pets; but if not, you can recover under a general warranty claim. 

Total Monthly Payment
The “total monthly payment” is “the base monthly payment plus monthly sales or use taxes and any other monthly charges.”  Source: Federal Reserve Board

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