Interest rate
Definition
The rate charged the borrower each period for the loan of money, by custom quoted on an annual basis. A rate of 6%, for example, means a rate of 1/2% per month. A mortgage interest rate is a rate on a loan secured by a specific property
Related Terms Other terms related to 'Interest rate' starting with the letter 'I' Interest payment, Interest only mortgage, Interest cost, Interim refinance, Interest rate increase cap
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