EIR is the acronym for Effective Interest Rate and is the amount of a balance after a periodic interest rate has compounded. The APR or Annual Percentage Rate that is often quoted is the uncompounded interest rate that has not been charged periodically over weeks or months therefore is lower than the EIR.
Complete article link: http://www.helium.com/items/2149062-what-is-the-effective-interest-rate-or-eir
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