The Interest Rate is a percentage charged by a lender when borrowing money from that lender. Interest is based on the amount of the loan, and changes as that loan's value declines. Most commonly, this percentage will be stated in annual terms.
*The information provided in this article is meant for informational purposes only and is not intended to constitute legal, financial, tax, or insurance advice. Jovio encourages readers to contact their attorney or other advisors for advice regarding these matters.