True or False: The APR is always the same as the singular interest rate on a loan.

The statement is false because the Annual Percentage Rate (APR) is not always the same as the singular interest rate on a loan. The APR includes not only the interest rate but also any additional costs or fees associated with obtaining the loan, such as points, origination fees, and certain closing costs. This means that the APR provides a broader view of the true cost of borrowing over the term of the loan.

The singular interest rate, on the other hand, refers specifically to the cost of borrowing expressed as a percentage of the principal amount over a specific period of time, without factoring in other costs. As a result, the APR often differs from the stated interest rate, allowing borrowers to better understand the overall financial implications of a loan.