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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
Forged Check
A check that has been altered or created without the permission of the person or entity named as the payee. It is a form of fraud.
Home Equity Line of Credit (HELOC)
HELOC stands for home equity line of credit, which is a type of loan that allows a homeowner to borrow against the equity in their property.
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.