Interest rate
From CaseyPedia
The interest rate on a loan or credit line determines how much interest will be paid in each period. The interest rate is typically expressed in terms of an annualized percentage of the total balance, though payments are commonly required monthly.
Interest rates vary depending on the type of the loan and the borrower's FICO score. For credit cards, interest rates usually vary between 10% and 35%. All the credit cards in Casey Serin's possession are currently paying the maximum interest rates charged by their financial institutions[1].
[edit] References
- ↑ Casey Serin finances spreadsheet, posted by Casey Serin early 2007
