Definition of "interest rate" []

• The percentage of an amount of money charged for its use per some period of time (often a year). (noun)

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• "The interest rate is adjusted monthly and was 11.8% in mid-1991."
• "If the interest rate remains the same for the term of your mortgage, you have an FRM, or fixed rate mortgage."
• "Because fixed interest rates are constantly changing over the term of your mortgage, you will want to check your mortgage company about every six months to find out the interest rate at which you could convert your ARM to an FRM."