What is the formula for apr?

The formula for Annual Percentage Rate (APR) is typically expressed as:

[ \text{APR} = \left( \frac{\text{Total Interest}}{\text{Loan Amount}} \right) \times \frac{365}{\text{Loan Term in Days}} \times 100 ]

This formula accounts for the total cost of borrowing, including interest and fees, and expresses it as a yearly rate. The APR provides a standardized way to compare different loan offers by reflecting the true cost of borrowing over a year.