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GCSE Business · key term
The percentage charged for borrowing money or paid as a reward for saving money over a stated period.
Used by AQA and Edexcel
Paper 1, Paper 2
Revise: Impact of the Economic ClimateA business cannot control national interest rates or employment levels, but these conditions can change its costs, its customers’ spending and its opportunities to grow.
Specification 1.5.4 · Paper 1
The percentage charged for borrowing money or paid as a return on savings.
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An interest rate is the percentage charged for borrowing money or paid on savings. Interest is a cost to a borrower and a return to a saver.