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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 ?
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.
Opposite to him--as far away as he could sit--was an enormous rat.
There was a pattering noise and an old woman rat poked her head round a rafter.
On occasion they died, or, when they had become too abjectly spiritless to attack even a rat, were set to work on the tight-rope with the doped starved rats that were too near dead to run away from them.
Even the hardiest of them heartily disliked the turn and the man, although Duckworth, and Duckworth's Trained Cats and Rats, were an invariable popular success.
All the cat has been beaten out of their blood, and they've become rats.
Now as they were getting off, the Doctor noticed that a whole lot of rats were coming up from downstairs and leaving the ship as well.
Ahem--er--you know of course that all ships have rats in them, Doctor, do you not?
And you have heard that rats always leave a sinking ship?
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.
Neither my master nor any other person gave me any arsenic to destroy rats at any time.
Nothing could be extracted from them on cross-examination except that there might have been rats in the house, though they were not aware of it.