equivalent annual rate
Also found in: Acronyms.
equivalent annual rate[i′kwiv·ə·lənt ¦an·yə·wəl ′rāt]
A measure used in setting up a monthly rate on a comparable basis for each of the months regardless of their variation in working days, or for making the rate comparable with an annual rate regardless of the variation in working days during each month.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.