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English definition of “compound rate”

compound rate

noun [C]     (also compounded rate)
FINANCE a rate of interest that is calculated on both the amount of money invested or borrowed and the interest that has been added to it: Once the property is sold the mortgage will need to be repaid plus interest , which is charged at a compound rate - currently 7.85%.
(Definition of compound rate noun from the Cambridge Business English Dictionary © Cambridge University Press)
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