Interest Rate is the percentage charged by the lender to borrow the funds, expressed as an annual percentage rate (APR).
An interest rate is the cost or percentage charged by a lender to borrow funds, typically expressed as an annual percentage rate (APR). It represents the cost of borrowing money or the return on investment for the lender.
Interest rates are used in various financial transactions, such as loans, mortgages, credit cards, and savings accounts. When you borrow money, the interest rate determines the amount of interest you’ll need to pay on top of the principal amount. Higher interest rates mean higher borrowing costs, while lower interest rates result in lower borrowing costs.
The specific interest rate you receive depends on various factors, including the type of loan or credit, your creditworthiness, prevailing market conditions, and the duration of the loan. Central banks and monetary authorities also influence interest rates by adjusting key policy rates to control inflation, stimulate economic growth, or manage monetary conditions in a country or region.
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