Math Definitions - Letter I

Interest Rate

Definition of Interest Rate

Definition of Interest Rate

The interest rate is a fee that you pay for borrowing money, expressed as a percentage rate.

Banks pay interest on the money you invest with them.

For example, if Jasmin invests \(\$5,000\) at a yearly interest rate of \(3\%\) (without compounding), she will receive \(\$150\) interest each year.


The aim of this dictionary is to provide definitions to common mathematical terms. Students learn a new math skill every week at school, sometimes just before they start a new skill, if they want to look at what a specific term means, this is where this dictionary will become handy and a go-to guide for a student.


Year 1 to Year 12 students

Learning Objectives

Learn common math terms starting with letter I

Author: Subject Coach
Added on: 6th Feb 2018

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