What does an interest rate mean
3 Mar 2020 Interest rates affect the cost of borrowing, so the Federal Reserve's surprise rate cut Tuesday can ripple through the cost of mortgages and the Get the best deal on your mortgage by learning how to compare interest rates and example, 20 years) means higher repayments, but you'll pay less in interest. What features are 'must-haves'? What are 'nice-to-haves'? Is it worth paying Interest is the cost of borrowing money. An interest rate determines exactly what that cost is. For example, if Bob lends $100 to Jill at 10 percent interest, Jill has to