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Interest rate
01
the amount that a lender charges a borrower for the use of money, typically calculated based on the amount of the loan and the length of the borrowing period
interest rate
n
Example
The bank offered a low interest rate on the mortgage, making it an attractive option for homebuyers.
Investors closely monitor changes in the interest rate set by the central bank as it impacts the economy.
The interest rate on student loans can significantly affect how much graduates end up repaying over time.
To save money, they opted for a fixed interest rate on their loan to avoid fluctuations.
She was surprised to see how much the interest rate on her credit card affected her monthly payments.
