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Interest rate. It is the rate a bank or other lender charges to borrow its money, or the rate a bank pays its savers for keeping money in an account. annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualised .
The main cause of the high and rising interest rates has been the great demand for loan funds relative to the supply of savings. Lying behind the demand for loan funds has been an excessive total spending and rising inflationary expectations. Let us examine briefly the history of our recent inflation.
In general, lenders demand a higher rate of interest for loans of longer maturity. The interest rate on a ten-year loan is usually higher than that on a one-year loan, and the rate I can get on a three-year bank certificate of deposit is generally higher than the rate on a six-month certificate of deposit.
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That’s because the higher demand means more work for lenders who only have so much money to lend and manpower to originate loans, says Jerry Selitto, president of Better.com, an online mortgage.
· Total loans outstanding are growing 3% a year, annual interest payments (to the central bank) are 3% a year. With the inflation rate rise or fall as interest payments to the central bank are increased while loan growth remains the same.
Inflationary pressures will also affect interest rates, because the rates paid on most loans are fixed in the loan contract. A lender may be reluctant to lend money for any period of time if the purchasing power of that money will be less when it’s repaid; the lender will, therefore, demand a higher rate (known as an “inflationary premium”).
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The following is a chart of the blended annual rates from 1985 to the present. For the interest rates to apply to low-interest (or interest-free) demand loans before 1985, see Rev. Proc. 85-46, 1985-2 C.B. 507. – Blended Annual Rates Under Section 7872 –