The interest rate on a loan is an important factor to consider when taking out a loan; it is the rate of interest that is charged as a percentage of the total loan amount and plays an essential role in determining the monthly payments on the loan. It is important to understand that the higher the interest rate, the more expensive the loan will be in terms of the total amount that is repaid. Therefore, it is important to be aware of the interest rate offered on a loan before taking it out to ensure that the payments are manageable.
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Daniel H. Weberman, The Kabinet Founder – Terry I. Weberman, The Kabinet CPA
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