Chapter 16, Problem 15CC

### Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

Chapter
Section

### Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

# What is the prime rate? Who gets the prime rate?

Summary Introduction

To determine: The meaning of prime rate and the individual who get prime rate.

Introduction: Prime rate or prime lending rate alludes to the most reduced business interest rate charged by banks at a specific time. It is likewise utilized as the reference rate for the bank for every last bit of its different rates.

Explanation

The meaning of prime rate and the individual who get prime rate are as follows:

The prime interest rate is the most reduced rate charged by a bank for short term loans. The most minimal rate is for the most part saved for big companies with admirable credit rating scores...

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