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Your bank will know the prime interest rate (also known as the "United States Prime rate" in the same manner that it becomes known to other banks. The rate is determined by the Wall Street Journal based on polling the nations top 10 banks. The rate is updated when at least 7 of the 10 banks change their interest rates. The rates are a composite of these top banks and the "prime interest rate" is published in the Wall Street Journal.
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Do prime interest rates vary from bank to bank?
Because the rate is based largely on big banks in the nation, most banks don't change their prime rate often. When they do make changes it is done very close to the same time. This means most prime interest rates are going to be basically the same.
What is charged in an interest rate?
Interest Rate is the cost of borrowing money. When a bank or other lending institution lends money to you, they charge what is called an interest rate. This interest rate is typically set by governing bank of the country - for example, in Canada it is the Bank of Canada, in the USA it is the Federal Reserve. This is called the Prime Rate and is the rate of interest banks charge their best customers. You and I usually get .5% or 1.5% more than that. Credit Cards charge a lot of interest - typically 20% to 22% per annum.
What is a bank interest rate?
A Bank interest rate may refer to two things with respect to banking functions. a. Deposit Interest Rate - This is the rate the banks offer to their customers for depositing money with the bank b. Loan Interest Rate - This is the rate of interest banks charge the customers who wish to borrow money from them through loans. Both rates will differ from bank to bank
How much is the monthly payment on a 5000 loan?
The amount of interest on 5000L for five years would depend on where you are borrowing the money from and what the prime rate is at that time. Call your local bank and find out the prime rate.
What is the best interest rate?
Technically, the best interest rate is 0% interest but since no bank offers this the bank's best interest rate is 2.6%. Make sure to compare different bank rates before applying for a loan.
What is the prime interest rate and how does the average bank customer fare in regard to the prime interest rate?
The prime rate is the rate that a bank charges its most creditworthy customers. The average customer can expect to pay one or two percent (or more) above prime.
What is the prime interest rate as of June 18 2011?
The prime interest rate as of June 18, 2011 is 3.25%, however each bank may set its prime rate differently. The 3.25% is cited from the Wall Street Journal, which aggregates many different bank's prime rates.
What does prime rate refer to in the Canada mortgage market?
The Canadian prime rate refers to the rate a which lending companies such as banks charge their preferred customers. They do this because these customers are seen to have the least amount of risk.
Do prime interest rates vary from bank to bank?
Because the rate is based largely on big banks in the nation, most banks don't change their prime rate often. When they do make changes it is done very close to the same time. This means most prime interest rates are going to be basically the same.
What, exactly are prime rates?
Prime rates are the interest rates that are set out by the National Bank that are used to set the working interest rates for clients. This is the rate that is used when banks borrow money.
What is charged in an interest rate?
Interest Rate is the cost of borrowing money. When a bank or other lending institution lends money to you, they charge what is called an interest rate. This interest rate is typically set by governing bank of the country - for example, in Canada it is the Bank of Canada, in the USA it is the Federal Reserve. This is called the Prime Rate and is the rate of interest banks charge their best customers. You and I usually get .5% or 1.5% more than that. Credit Cards charge a lot of interest - typically 20% to 22% per annum.
What is the interest rate at Community State Bank in Iowa?
The interest rate at the Community State Bank in Iowa will vary. First one would need to know which interest rate this question is referring to. It will be different for mortgages and loans compared to savings for example
Where can I get a great sub prime mortgage?
The fixe rate of interest on a sub prime rate would be anywhere between 1% to 5%. The companies that have these fixed rate mortgages are Countrywide, Quicken Loans and Bank of America.
What is a bank interest rate?
A Bank interest rate may refer to two things with respect to banking functions. a. Deposit Interest Rate - This is the rate the banks offer to their customers for depositing money with the bank b. Loan Interest Rate - This is the rate of interest banks charge the customers who wish to borrow money from them through loans. Both rates will differ from bank to bank
What is a bank rate?
A bank rate is the rate at which a central bank charges interest when it lends money to another bank.
How much is the monthly payment on a 5000 loan?
The amount of interest on 5000L for five years would depend on where you are borrowing the money from and what the prime rate is at that time. Call your local bank and find out the prime rate.
What is the best interest rate?
Technically, the best interest rate is 0% interest but since no bank offers this the bank's best interest rate is 2.6%. Make sure to compare different bank rates before applying for a loan.
