Interest Rate (Noun)
Meaning
The percentage of a sum of money charged for its use.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The bank offers a competitive interest rate on its savings accounts to attract new customers.
- A higher interest rate can increase the cost of borrowing for consumers and businesses.
- The central bank raised the interest rate to combat inflation and stabilize the economy.
- When taking out a mortgage, it's essential to consider the interest rate and how it will affect your monthly payments.
- A low interest rate can make it more affordable for people to buy a car or take out a personal loan.