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prime rate |
Also found in: Wikipedia, Hutchinson | 0.01 sec. |
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Prime Rate The interest rate that commercial banks charge their most credit-worthy customers. Generally a bank's best customers consist of large corporations. Notes: Default risk is the main determiner of the interest rate a bank will charge a borrower. Because a bank's best customers have little chance of defaulting, the bank can charge them a rate that is lower than the rate that would be charged to a customer who has a higher likelihood of defaulting on a loan. Prime rate The interest rate at which banks lend to their best (prime) customers. More often than not, a bank's most creditworthy customers borrow at rates below the prime rate.
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