An arithmetic progression (AP) is a sequence where the difference between consecutive terms is constant, exemplified by sequences like 2, 4, 6, 8 and 5, 10, 15, 20. The nth term of an AP can be calculated using the formula an = a + (n-1)d, where 'a' is the first term and 'd' is the common difference. The sum of the first n terms of an AP is given by the formula Sn = n/2(2a + (n-1)d).