Finance - Interest rates 2

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Cambridge Professional English in use - Finance Unit 24

discount rate

the rate at which central banks make secured loans to commercial banks

base rate

commercial banks' lending rate for their most secure customers

prime rate

commercial banks' lending rate for their most secure customers

mortgage

a loan to buy property (a house, flat, etc.)

overdraft

occasionally borrowing money by spending more than you have in the bank

hire purchase

borrowing money to buy something like a car, spreading payment over 36 months

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