New YNAB Loan: Interest or APR?

When converting a personal loan account into the new YNAB loan framework, should I use interest rate or APR?

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  • Chappy Good question! It should be your annual interest rate - YNAB takes the annual interest rate, divides it by 12, and multiplies with the current balance. That's how the monthly interest charge is calculated! 

    Are you charged fees or other separate charges by this lender? If so, you'll be able to add those separately using the "Add Activity" button near the top right of the loan account register. Does that help you get things set up? Let us know how things are looking! 

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  • APR it is, then!  Thanks for the help.

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