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For a machine with a 10% interest rate, Sheldon owes $15,000. The annual interest expense is $1500.
Lenders assess interest to borrowers as a proportion of the principal, or loaned amount. The typical unit for expressing a loan's interest rate is the annual percentage rate, or APR (APR).
The amount earned from a savings account or certificate of deposit at a bank or credit union may also be subject to interest rates (CD). Interest on these bank accounts is interest rate calculated as an annual percentage yield (APY).
The borrower is essentially charged interest rate for the usage of the asset. Cash, consumer goods, vehicles, and real estate are all examples of lent assets. As a result, an interest rate can be viewed as the "cost of money" because it increases the cost of borrowing the same amount of money.
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