N.B. APR is annualized percentage rate - looking at the rate over a 12 month period.
There is no APR because this is unsecured capital, and the rate does not compound. We have a fixed cost of capital. An APR matters ONLY to average people who are spending the money for personal use. Average people would rather pay more on the cost of capital but have a longer term and lower monthly payment. Business owners like you and I on the other hand care more about Total Cost of Capital