The percentage that a borrower of money must pay to the lender in return for the use of the money, usu. expressed as a percentage of the principal payable for a one-year period. ¡ª Often shortened to rate.
¡ª Also termed rate of interest. [Cases: Interest 27¨C38. C.J.S. Admiralty ¡ì 281; Interest and Usury; Consumer Credit ¡ì¡ì 34¨C41; Mortgages ¡ì 166.]
What is the legal equivalent of the term interest rate in Chinese?
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