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English definition of “true interest cost”

true interest cost

noun [S]     ( abbreviation TIC, also true interest rate ) FINANCE
the real cost of interest on loans, including charges, etc.: The group set the true interest cost at 5.6%. Prices rose sharply so the true interest rates charged by the market fell to their lowest in several years.
(Definition of true interest cost noun from the Cambridge Business English Dictionary © Cambridge University Press)
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