jbee07789
Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Get detailed and precise answers to your questions from a dedicated community of experts on our Q&A platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

what is the meaning of Interest rate
​

Sagot :

beinggreat78

Answer:

Interest rate is a proportion of a loan rewarded as interest to the borrower, usually expressed as an annual percent of the current loan.

Answer:

See below

Step-by-step explanation:

An interest rate is basically a percentage of principal charged by the lender for the use of its money, and it is paid via simple interest (usually in an annual period). That principal is the amount of money loaned.

For example, you may have seen a 1.5% annual interest rate, or something like that. This means that if your principal was $5000, let's say, you would have to pay $5000 * 0.015 = $75 in interest per year.

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.