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what is prime rate?
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Asked 2/8/2012 7:42:13 PM
Updated 6/17/2014 4:38:54 AM
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Flagged by alfred123 [6/17/2014 4:38:48 AM]
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User: what is prime rate?

Question
Asked 2/8/2012 7:42:13 PM
Updated 6/17/2014 4:38:54 AM
1 Answer/Comment
Flagged by alfred123 [6/17/2014 4:38:48 AM]
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Prime rate or prime lending rate is a term applied in many countries to reference an interest rate used by banks.
Added 6/17/2014 4:38:54 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [6/17/2014 4:54:30 AM]
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describe interest rates
Weegy: An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. [ For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for deferring the use of funds and instead lending it to the borrower. Interest rates are normally expressed as a percentage of the principal for a period of one year[1]. Interest rates targets are also a vital tool of monetary policy and are taken into account when dealing with variables like investment, inflation, and unemployment. ] (More)
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