[SFC]

APR just means annual percentage rate
While a merchant might view it as a loan rate, it's just a mathematical equation. It's used also for annual rate for earned for investments as well.
https://www.breakoutfinance.com/apr-calculator/
(Okay, so Breakout offers loans, but whatever)

On a 30-year mortgage, you can present the factor rate in as well. For a $60,000 mortgage at 4.9% APR, you're paying a factor rate of a 1.91 factor!! Outrageous! And at 3.8% APR, that's a factor of 1.67!!
https://www.mortgagecalculator.org/

APR is Annualized Percentage rate (of interest). But an MCA has NO INTEREST. Regardless of annualized or monthly or daily, there is no interest. You cannot manufacture interest on a non interest product.

Take a CC split MCA for example. If the split assumed the factor would be paid up in 6 months, and the merchants business went through the roof and they paid off the advance in 2 months, the APR would shoot through the roof as well. But in this case the merchant would LOVE a massive APR then.

So APR makes no sense, it's interest, for a loan. Which an MCA is not.