Longman Dictionary of Contemporary English
n. (context finance English) The percentage of an amount of money charged for its use per some period of time (often a year).
n. the percentage of a sum of money charged for its use [syn: rate of interest]
An interest rate, or rate of interest, is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited or borrowed.
It is defined as the proportion of an amount loaned which a lender charges as interest to the borrower, normally expressed as an annual percentage. It is the rate a bank or other lender charges to borrow its money, or the rate a bank pays its savers for keeping money in an account.
Annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualised.
Usage examples of "interest rate".
Or if you really, really want it but won't have enough money available soon, the Committee's credit bank is standing by to loan the amount at the incredibly low interest rate of ten percent.
That was the interest rate which the Federal Reserve charged to banks that borrowed money—.
The banker may lower the interest rate during the course of the year, but at least he won't hand you back any less than your original $100.
In actual fact, a truth too devastating or a libel too ingenious would first be submitted to the victim, who then had the opportunity to buy off the Colonel, usually with a loan of money, at a nominal interest rate, that became, in due course, a thoroughly bad debt.
The partial answer was, he'd borrowed sixty thousand marks on short term at a disturbingly high interest rate, secured with his pension fund and forty thousand marks worth of fleet shares he'd bought with—.