Interest Rate

A percentage of a loan or deposit balance that is charged by a lender or financial institution for the use of its money.

More Details

An interest rate is the cost of borrowing money or the return on an investment, expressed as a percentage of the principal (the amount borrowed or invested).

Example

If you have a credit card, you may be charged interest on your unpaid balances. The interest rate on your credit card will be listed in your credit card agreement and may vary based on your credit score and the type of card you have.

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