[dropcap]A[/dropcap]n interest rate is the cost of borrowing money, or conversely, the income earned from lending money. Interest rates are expressed as percentage of the principal per period.
“Reduced interest rates encourage people to spend money on home improvements”
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INTEREST RATES
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DATE
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(%)
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26-Jan-15
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8.5
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24-Mar-15
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8.0
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25-May-15
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6.5
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14-Sep-15
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6
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23-May-16 till date
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5.75
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