What Are Interest Rates And How Do They Affect You

Name: What Are Interest Rates And How Do They Affect You
Uploaded: 2021-12-23T19:26:00Z
Duration: 1 min 53 s
Description: ‘Interest’ is the cost of borrowing money, usually expressed as an annual interest rate. For example, if you borrowed $100 at 1% interest, after a year, you’ll owe $101. And when you save money in a bank, the bank usually pays you interest. Also, if you have debt, savings or a mortgage, interest rates will affect you. Here’s more on what are interest rates and how they affect you.

‘Interest’ is the cost of borrowing money, usually expressed as an annual interest rate. For example, if you borrowed $100 at 1% interest, after a year, you’ll owe $101. And when you save money in a bank, the bank usually pays you interest. Also, if you have debt, savings or a mortgage, interest rates will affect you. Here’s more on what are interest rates and how they affect you.