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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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