Interest rate
The glossary of statistical terms, published by the Organisation for Economic Co-operation and Development (OECD), defines interest as: ‘…the amount that the debtor becomes liable to pay to the creditor over a given period of time without reducing the amount of principal outstanding, under the terms of the financial instrument agreed between them.’
It defines an interest rate as: ‘…the cost or price of borrowing, or the gain from lending, normally expressed as an annual percentage amount.
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