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What is the definition of ‘interest rate’?

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You are currently viewing What is the definition of ‘interest rate’?
Money sterling image by PublicDomainPictures
  • Reading time:1 mins read
  • Post category:Finance and money
  • Post published:July 4, 2014

If you borrow money at a 5% interest rate for a year, it will cost you 5% of the amount borrowed to do so. This will need to be repaid along with the original money you borrowed.

Source: Interest Rates Guide @ MoneySavingExpert

image by PublicDomainPictures under CC0 license

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Tags: finance, money

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