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What Are Interest Rates And How Do 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.