What is meant by interest rate in banking terms?

Posted on August 29th, 2009 by admin

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Banking


I went to open an account in the bank and they told me ineterest rate applied on ur account will be 9%. Is it good for me or bad?

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One Response to “What is meant by interest rate in banking terms?”

  1. landmangirl, on August 30th, 2009 at 6:27 am Said:

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    that means they will loan you the money and expect interest on the funds they loaned you.
    $100.00 at 9% means that you will pay back $109.00 for the loan

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