Interest Rate
The interest rate on a loan is the percentage of the loan you must pay back each year. An interest rate of 5% a year on a loan of £100 would mean you have to pay back £5 that year. The interest rate on a savings account is the amount of money that is paid to you every year, so in this example a 5% rate on your savings of £100 pounds means that the account would pay you £5 this year.
Interest rates are not necessarily unchanging. Certain loans track Bank of England Base Interest Rates, for example, so if the base rate goes up, the amount you have to pay goes up in line with that increase.
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