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Simple English definitions for legal terms
per annum
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A quick definition of per annum:
Term: PER ANNUM
Definition: Per annum means something that happens every year. For example, if you get 8% interest per annum on your savings account, it means you get 8% interest every year. It is a Latin phrase that is used to describe things that happen annually.
Related term: P/E ratio (price-earnings ratio)
A more thorough explanation:
PER ANNUM
Per annum means something that happens every year or is calculated on a yearly basis. It is an abbreviation of the Latin phrase "per annum".
The interest rate on my savings account is 2% per annum. This means that I will earn 2% of my total savings every year.
Another example is a salary of $50,000 per annum. This means that the person will earn $50,000 every year.
These examples illustrate that per annum is used to describe something that happens or is calculated on a yearly basis.