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Meaning of “compound rate” in the English Dictionary

"compound rate" in Business English

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compound ratenoun [C]

uk   us   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 from the Cambridge Business English Dictionary © Cambridge University Press)
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