It is safe to assume that you have heard of interest rates in some fashion, whether it be via the news, social media, or your financially enthused friend. This is because the global economy is generally one of inflation. Raising interest rates in particular to maybe fight inflation and a potential recession What are interest rates, how do they function, why are they significant, what are the many sorts of interest rates, and how do they impact inflation?
Rates of Interest
How Do Interest Rates Work?
An interest rate is either the percentage that you have earned from your savings or that you owe.