Business / Taxes / Periodic Interest Rate: The periodic interest rate, sometimes called the nominal rate, is the interest rate a lender charges on the amount you borrow. Lenders are also required to tell you what a loan will actually cost per year, expressed as an annual percentage rate (APR). The APR combines any fees the lender may charge with a year of interest charges to give you the true annual interest rate. That allows you to compare loans on equal terms. For example, suppose you take a $10,000 loan at 10% interest. You pay an origination fee of $350, so you actually borrow $9,650. Since you are getting a smaller loan, but repaying the full $10,000 with interest, the APR is closer to 10.35%. The periodic rate is also the interest rate a bank or other financial institution pays on amounts you deposit. If you’re earning compound interest, the periodic rate will be lower than the annual percentage yield (APY).
Interest Noun Synonyms: attention, attentiveness, concern, regard, curiosity, scrutiny, notice, engagement
Interest Adjective Synonyms: concern, significance, importance, weight, moment, note, consequence
Periodic Noun Synonyms: periodical, intermittent, regular, recurrent, repetitive, iterative, cyclic(al), repeated, episodic, sporadic, occasional
Rate Noun Synonyms: rank, grade, class, classify, evaluate, estimate, calculate, compute, count, reckon, judge, gauge, assess, appraise, measure
Rate Verb Synonyms: measure, pace, gait, speed, velocity, clip
Science / Chemistry / Periodic Law: The periodic law states that physical and chemical properties of the elements recur in a regular way when the elements are arranged in order of increasing atomic number. MORE
Business / Finance / Periodic Payment Plan: Accumulation of capital in a mutual fund by making regular payments on a monthly or quarterly basis. MORE