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What does the interest rate mean?

幫考網校2020-11-30 14:54:32
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The interest rate is the percentage of the principal amount that a lender charges a borrower for the use of its money. It is the cost of borrowing money or the return on investment for lending money. The interest rate can be fixed or variable and is often influenced by factors such as inflation, economic conditions, and the creditworthiness of the borrower.
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