An interest rate of 7 percent means that for every 100 units of currency (e.g., dollars, euros, etc.) you have invested or borrowed, you will earn or owe 7 units of currency as interest.
It is typically expressed as an annual percentage rate (APR), which means the interest is calculated over a one-year period.
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A 7% interest rate for 1 year means you will get 7 rupees on every hundred rupees after 1 year.
What is the interest rate of Flexpay? ›| Tenure | Interest rate |
|---|---|
| 15 days | No Extra Cost |
| 30 days | 28% interest annually(For eg: Rs 70 per month on purchase of Rs 3000) |
| 60 days | 28% interest annually (For eg: Rs 70 per month on purchase of Rs 3000) |
| 90 days | 28% interest annually (For eg: Rs 70 per month on purchase of Rs 3000) |
A 7% interest savings account is considered high yield because the interest you'd earn is far above what you'd typically get from a standard savings account. The Federal Deposit Insurance Corporation (FDIC) lists the national average interest rate for savings accounts at just 0.46%.
What do you mean by 7 interest? ›An interest rate of 7 percent means that for every 100 units of currency (e.g., dollars, euros, etc.) you have invested or borrowed, you will earn or owe 7 units of currency as interest. It is typically expressed as an annual percentage rate (APR), which means the interest is calculated over a one-year period.
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