The price a borrower pays for the use of money they do not own. Interest rates are normally expressed as a percentage rate over the period of one year. If the bank were to lower the interest rate from 8 percent to 7 percent on a loan of $100,000, the annual interest payment will decrease from $8,000 to $7,000.
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- GDP: The Rock Star of Economic IndicatorsWord out of Washington, D.C., this week is that GDP is on the rise. What does that mean for the economy and your financial and job prospects? High school economics whiz Robin Li and others demystify the significance of Gross Domestic Product.
- Zina Kumok’s Guide to Smart Student-loan LiftoffIn August 2015, WalletHub released its state-by-state analysis of student-loan debt. It’s little surprise that student-loan borrowers fare better living in states with stronger economies and higher incomes. Topping the list? Utah and Wyoming. But before you even get to paying off your loans, you need to know where to begin. KWHS turns to its favorite personal-finance blogger for five tips that will help empower you to make savvy decisions about your student loans.
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