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:
“I came there as prime steak and now I feel like low-grade hamburger.”
—Joycelyn Elders (b. 1933)
“All of us failed to match our dreams of perfection. So I rate us on the basis of our splendid failure to do the impossible.”
—William Faulkner (1897–1962)