5 Questions
What is the Prime interest type?
The rate of interest set by banks for their best customers
What is the Discounted interest type?
Lower than the lender's standard variable rate, offered for a specific period as a promotional deal
What is Simple interest type?
Charged only on the initial amount borrowed, not on the accumulated interest
What is Compound interest type?
Charged on the principal amount and any accumulated interest, with interest added to principal and then charged again
What is Annual Percentage Rate (APR)?
The total cost of a loan including the interest rate and any related fees, displayed as a percentage and charged annually
Learn about different types of interest, the cost of borrowing money, including fixed, variable, annual percentage rate, prime, discounted, simple, and compound interest types.
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