Flexi answers - What is the 7 percent interest rate? (2024)
Flexi Says:
An interest rate of 7 percent means that for every 100 units of currency (e.g., dollars, euros, etc.) you have invested or borrowed, you will earn or owe 7 units of currency as interest.
It is typically expressed as an annual percentage rate (APR), which means the interest is calculated over a one-year period.
A 7% interest savings account is considered high yield because the interest you'd earn is far above what you'd typically get from a standard savings account. The Federal Deposit Insurance Corporation (FDIC) lists the national average interest rate for savings accounts at just 0.46%.
An interest rate of 7 percent means that for every 100 units of currency (e.g., dollars, euros, etc.)you have invested or borrowed, you will earn or owe 7 units of currency as interest. It is typically expressed as an annual percentage rate (APR), which means the interest is calculated over a one-year period.
Introduction: My name is Mr. See Jast, I am a open, jolly, gorgeous, courageous, inexpensive, friendly, homely person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.