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asked 9 months ago
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Interest rate is the cost of borrowing funds. It is the price which the borrower of the funds pays to the lender, as a cost of his funds. Interest rate is very important to determine the time value of money because the dollar value today will not be equal to the dollar value of tomorrow. It is the percentage rate over the period of a specific time usually one year. For example, if you borrow $100,000 from a bank and you have to pay $110,000 to the bank after one year then $10,000 is the interest payment. Interest rates for different loans and securities vary and depend upon the market interest rates.
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