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Managing Interest Rates
Posted by
aarthi137 395 days ago
Interest rates
If you borrow money, you pay an interest rate on your loan. The interest rate is stated as a yearly percentage rate, which is the interest cost of borrowing for one year. For example, if you borrow $10,000 at 10%, your interest cost for one year is $1,000 ($10,000*.10). This interest rate is called the simple interest rate.
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