Asked by
Patrick Tobler
on Nov 26, 2024
Verified
The interest rate is the price paid for the use of money.
Interest Rate
The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan amount.
- Familiarize yourself with the basic tenets of loan interest, pinpointing the factors that affect interest rates and the correlation between the loan’s size and its repayment period.
Verified Answer
KT
Learning Objectives
- Familiarize yourself with the basic tenets of loan interest, pinpointing the factors that affect interest rates and the correlation between the loan’s size and its repayment period.