Prime rate or prime lending rate is a term applied in many countries to a reference interest rate used by banks. The term originally indicated the rate of interest at which banks lent to favored customers, i.e., those with good credit, though this is no longer always the case. Some variable interest rates may be expressed as a percentage above or below prime rate.
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Famous quotes containing the words prime and/or rate:
“If Montaigne is a man in the prime of life sitting in his study on a warm morning and putting down the sum of his experience in his rich, sinewy prose, then Pascal is that same man lying awake in the small hours of the night when death seems very close and every thought is heightened by the apprehension that it may be his last.”
—Cyril Connolly (1903–1974)
“Writing a book I have found to be like building a house. A man forms a plan, and collects materials. He thinks he has enough to raise a large and stately edifice; but after he has arranged, compacted and polished, his work turns out to be a very small performance. The authour however like the builder, knows how much labour his work has cost him; and therefore estimates it at a higher rate than other people think it deserves,”
—James Boswell (1740–1795)