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.
Read more about Prime Rate: Uses
Famous quotes containing the words prime and/or rate:
“Weekend planning is a prime time to apply the Deathbed Priority Test: On your deathbed, will you wish you’d spent more prime weekend hours grocery shopping or walking in the woods with your kids?”
—Louise Lague (20th century)
““Terence, this is stupid stuff:
You eat your victuals fast enough;
There can’t be much amiss, ‘tis clear,
To see the rate you drink your beer.”
—A.E. (Alfred Edward)