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Understanding Interest Rates

When an individual borrows money from a lender, such as a bank, he or she will have to pay that money back with an added fee. This added fee is called interest, and interest is determined by a percentage rate. That rate requires an individual to pay a percentage of the money he or she borrowed on top of paying back the borrowed money.

This entry was posted on Friday, May 14th, 2010 at 3:59 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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