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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.
Related Terms
Loan Contract
A legally binding agreement between a lender and a borrower outlining the terms of a loan.
APR
APR, or annual percentage rate, is a measure of the cost of borrowing money that includes the interest rate and other charges as a yearly rate.
Loan
A sum of money that is borrowed by an individual or entity from a lender, typically with the expectation that the loan will be repaid with interest.