Annual Percentage Rate (APR) is the yearly interest rate you would pay on top of the loan amount you have borrowed.
You want to borrow £150,000 for a term of one year.
The APR is a fixed 6.1% for one year.
At the end of the term, you'd have to pay 6.1% of the £150,000, in addition to the £150,000.
You'd be paying back the lender £9,150 in interest.
So the total to payback would be £159,150.Back