Annual interest rate
There are a lot of things you need to research and consider before making any kind of financial decision. One of those is your interest rate.
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There are a lot of things you need to research and consider before making any kind of financial decision. One of those is your interest rate.
When you take out a loan, whether it’s a car loan, home loan or amount on a credit card, you’ll have to pay back both the amount you borrowed and interest on top of it. But what do we mean by that?Well, essentially, interest is a fee you pay for using someone else’s (usually the bank’s) money. It’s how lenders make profit from giving out loans – after all, they’re not in it out of the goodness of their hearts.Usually the repayments you make on a loan will be made up of two parts: the part that reduces your balance to pay off your loan, and the part that covers the interest on the loan.
The flip side of variable interest rates, fixed interest rates are one of the two main types of interest you’ll come across when choosing a loan or bank account.
Mozo has compiled this handy guide to give you the rundown on the facts, features, pros and cons of variable interest rates.
You’ve probably seen it beside the interest rate when shopping around for loans, but just what do we mean by comparison rate and how does it help you?
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Got a nice rainy day fund built up? Give it an extra boost with compound interest.
Good question. An interest rate is a fee you're charged for borrowing money, expressed as a percentage of the total amount of the loan.
All in this week’s best banking news recap: editor’s pick.
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All in this week’s best banking news recap: editor’s pick.
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All in this week’s best banking news recap: editor’s pick.
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All in this week’s best banking news recap: editor’s pick.
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