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:
“The prime lesson the social sciences can learn from the natural sciences is just this: that it is necessary to press on to find the positive conditions under which desired events take place, and that these can be just as scientifically investigated as can instances of negative correlation. This problem is beyond relativity.”
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—J.L. (John Langshaw)