Mortgage Dictionary: Definition of Interest Rate
Here is the definition for 'Interest Rate'. To show a different definition, select a term from the dropdown text box. The online mortgage glossary will display a definition, plus links to related information.
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Interest Rate
Interest rate refers to the rate paid on
borrowed money, usually expressed as a percentage of the amount
borrowed. For example, if you borrow $100,000 at a 7% interest rate,
you would pay $7,000 in interest.
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