Interest rate(s)
The price(s) of obtaining the temporary use of money that one borrows from someoneelse who actually ownsit, normally expressed as a percentage of the amount borrowed per year. Since loans and loan repayment extendover considerable periods of time and entail more complex security arrangements than a simple cash-on-the-barrelhead exchange, interest ratesto be paid are normallyspelled out as part of a relatively complex written contract between borrower and lender.
