difine rate of interest
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the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
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Step 1: To calculate your interest rate, you need to know the interest formula I/Pt = r to get your rate. ...
- I = Interest amount paid in a specific time period (month, year etc.)
- P = Principle amount (the money before interest)
- t = Time period involved.
- r = Interest rate in decimal.
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