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An interest rate is the value that money is worth to hold on to. In other words, the interest rate is how much a person is willing to let someone else borrow their money for.
Microeconomics: Principles, Problems, & Policies, 20th Edition
by McConnell, Campbell; Brue, Stanley; Flynn, Sean
Published by
McGraw-Hill Education
ISBN 10:
0077660811
ISBN 13:
978-0-07766-081-9
Chapter 16 - Rent, Interest, and Profit - Discussion Questions - Page 378: 7
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