Interest Rate
A yearly percentage of the debt paid for borrowing money.
i.e. - If you borrow $500, and there is a 10% interest rate, you will have to pay back $
"Must Have" notes:
The worse you are at paying off credit cards, the bigger your interest rate is.
Famous Quotes
"Karma is like a rubber band. You only stretch it before it comes back and hits you in the face." Unknown
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning Interest Rates
2.0: In your own words (not the teacher's), define Interest Rate.
3.0: If the interest rate is 15%, provide an example of when this is good for the consumer, and an example of when this is bad for the consumer.
4.0: Provide mathematical examples that show the difference between simple interest and compound interest. (You most definitely need to show your work to prove this point.)
Video - What are Interest Rates?