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Simple English definitions for legal terms

stated interest rate

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A quick definition of stated interest rate:

Stated interest rate: This is the interest rate that is advertised or stated by a lender or financial institution. It is also known as the nominal rate. This rate does not take into account any additional fees or charges that may be associated with the loan or investment. It is important to understand the stated interest rate when comparing different loan or investment options.

A more thorough explanation:

STATED INTEREST RATE

The stated interest rate is the rate of interest that is advertised or agreed upon by the borrower and lender. It is also known as the nominal rate under interest rate.

Example 1: A bank offers a personal loan with a stated interest rate of 5%. This means that the borrower will have to pay 5% interest on the loan amount.

Example 2: A credit card company advertises a card with a stated interest rate of 18%. This means that if the cardholder carries a balance, they will be charged 18% interest on that balance.

The stated interest rate is the rate that is advertised or agreed upon by the borrower and lender. It is important to note that this rate may not be the same as the actual interest rate that the borrower ends up paying. This is because there may be additional fees or charges that are added to the loan or credit card balance. The examples illustrate how the stated interest rate is used in different financial products such as personal loans and credit cards.

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22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
9:42
My name is renard99 and I just sent @babycat feet pics
glovediedthisishismom
9:42
nobody is at the office today they should let little glovey go home and watch harry potter
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