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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.
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See Interest Rate.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The Minister added that 'for Alcoholic Beverages, the current ad-valorem rate will be replaced with specific rates and spread over three years to moderate the impact on prices.
The measured specific rate was 5.6 kg/(h rpm), a specific rate that was about 3% higher than that for the original screw.
* Make guaranteed interest rate information more prominent in advertisements that discuss specific rates of return.
The digital EZ Beader can be programmed to maintain the annealing temperature and to cool at a specific rate. On the manual EZ Beader-S, a built-in pyrometer shows temperature.
The appeals court affirmed the dismissal of the telephone charges allegation, holding that there was no authority for the proposition that inmates were entitled to a specific rate for telephone calls and that the facts alleged did not support the conclusion that the rate charged was so exorbitant as to deprive inmates of telephone acc ess all together.
(1) The interest rate applied to accumulated production expenditures funded by "traced indebtedness" would, however, remain the specific rate applicable to such indebtedness.