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English definition of “flat rate”

flat rate

noun [C]
 
 
a rate that is fixed at a particular level that does not change, however much work is done or however much a service is used: The only exceptions to this flat rate are calls to 0800 and 0808 numbers. They were the first to introduce flat-rate pricing for texts and mobile broadband. a flat-rate contribution
FINANCE a rate of interest on a loan that is charged on the original amount that was borrowed, not on the amount of debt that is still to be paid back: If you borrow £5,000 on a 6% flat rate, you will still pay 6% interest on £5,000 in the last year, when most of the loan has already been repaid. → Compare APR
a rate that is the same for everyone: Employees will contribute a flat rate of £15 monthly.
(Definition of flat rate from the Cambridge Business English Dictionary © Cambridge University Press)
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