PersonalFinanceLab: Interest Rates

Understand the concept of interest rates and how they affect borrowing and saving money. Learn how interest rates work and how they can impact your financial decisions. What You Will Learn: • The definition of an interest rate and how it is calculated. • How interest rates work for borrowers who take out loans to pay for things like university. • How interest rates work for savers who keep their money in a savings account. • The concept of compound interest and how it can grow your savings over time. • The importance of understanding interest rates in making informed financial decisions.