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by Jose_Thomson on August 28th, 2009
The interest rate of a loan is usually calculated as an annual figure, even if the terms of the loan call for a different repayment schedule. Loans for vehicles are often advertised as having a 2.9% Annual Percentage Rate (APR), even if the actual payments are spread out over 5 years. This interest rate indicates that for every $1000 loaned for the price of the car, the lender will receive an additional $29 in interest payments. This amount is added to the borrower's monthly installment payments.
by tm2009 on August 23rd, 2009
Interest rate charged by banks to their largest, most secure, and creditworthy customers on short-term loans. This rate is used as a guide for computing interest rates for other borrowers. See also London Interbank Offered Rate. Also called prime rate.
Interest is a fee paid on borrowed assets
Who invented interest rates?
by Answerbag Staff on March 10th, 2011
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What are interest rate spreads?
by Answerbag Staff on July 12th, 2010
| 1 person likes this
What is a short-term interest rate?
by Answerbag Staff on July 8th, 2010
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Should lenders let you choose your own interest rate?
by Weylon on November 22nd, 2011
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Why shouldn't I just walk away from my mortgage? I could build a better house than this $200000 place all by myself in just two years.
by readdear on November 26th, 2010
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