FACTOID # 150: The average person in the United Kingdom drinks as much tea as 23 Italians.
 
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Encyclopedia > Effective interest rate

In contrast to a nominal interest rate, the period of time after that the interest is credited coincides with the basic time unit (normally one year). Thus, given an interest rate of i, an initial capital is increased by the factor (1+i) after each time unit.


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  Results from FactBites:
 
Interest rate - Wikipedia, the free encyclopedia (1410 words)
Interest rates are normally expressed as a percentage over the period of one year.
Interest rates are also a vital tool of monetary policy and are used to control variables like investment, inflation, and unemployment.
Interest rates are set by a government institution, usually a central bank, as the main tool of monetary policy.
Real-World Examples (284 words)
The interest rate is usually specified for a one-year period.
This annual interest rate is known as the nominal interest rate.
The "effective" interest rate you will be charged will be different from this nominal annual interest, if the compounding is done at intervals other than annual.
  More results at FactBites »


 

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