Equivalent level rate (ELR) is a measure of the cost of borrowing that takes into account the impact of fees and other charges on the overall cost of a loan. ELR is calculated by dividing the total cost of a loan, including principal, interest, and fees, by the amount of the loan, and it is expressed as a percentage. ELR is often used to compare the cost of different loans or to determine the affordability of a loan, and it may be influenced by a variety of factors, such as the creditworthiness of the borrower, the term of the loan, and the type of loan.
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What does equivalent level rate (ELR) mean?
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