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Interest Rate

The percentage of the value of a balance or debt that one pays or is paid each time period. For example, if one holds a bond with a face value of $1,000 and a 3% interest rate payable each quarter, one receives $30 each quarter. The percentage of the interest rate remains constant (usually), but the amount one pays or is paid changes according to the amount of the balance or debt. For example, if one pays off part of the principal on a loan each month, the amount one pays in interest decreases even though the rate remains the same. See also: Time Value of Money.

Rate

See Interest Rate.

References in classic literature ?
Ahem--er--you know of course that all ships have rats in them, Doctor, do you not?
Before Hermod sat down, however, he went to where the rat and the mouse were fighting, and cut them in two with his sword.
Mother, Mother, there has been an old man rat in the dairy--a dreadful 'normous big rat, Mother; and he's stolen a pat of butter and the rolling-pin.
The night having arrived, however, the lady Scheherazade not only put the finishing stroke to the black cat and the rat (the rat was blue) but before she well knew what she was about, found herself deep in the intricacies of a narration, having reference (if I am not altogether mistaken) to a pink horse (with green wings) that went, in a violent manner, by clockwork, and was wound up with an indigo key.
Then there is the story of the Pied Piper of Hamelin, how first he piped the rats away, and afterward, when the mayor broke faith with him, drew all the children along with him and went into the mountain.
Ghek had never seen an ulsio, since these great Martian rats had long ago disappeared from Bantoom, their flesh and blood having been greatly relished by the kaldanes; but Ghek had inherited, almost unimpaired, every memory of every ancestor, and so he knew that ulsio inhabited these lairs and that ulsio was good to eat, and he knew what ulsio looked like and what his habits were, though he had never seen him nor any picture of him.
Well, on moonlight nights you will observe whether any rats come out from the holes in the wall.
Barely had they rowed a dozen strokes, when an exclamation from Big John led them to follow his gaze to the schooners forecastle- head, where the forecastle cat flashed across in pursuit of a big rat.
A RAT that was about to emerge from his hole caught a glimpse of a Cat waiting for him, and descending to the colony at the bottom of the hole invited a Friend to join him in a visit to a neighbouring corn-bin.
Whether the rat is really indigenous, may well be doubted; there are two varieties as described by Mr.
Twenty minutes before time for him to come home from work she straightens up the house, fixes her rat so it won't show, and gets out a lot of sewing for a ten-minute bluff.
Desperately bold at last, the persecuted animals bolted above- ground--the terrier accounted for one, the keeper for another; Rawdon, from flurry and excitement, missed his rat, but on the other hand he half-murdered a ferret.