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What is the “interest rate” on loans?

The interest rate is the element you absolutely have to consider when you take a credito. 😉

Practically, this is the percentage of the total amount borrowed and represents the cost you pay to the bank for the loan taken.

For example, in the case where you took a loan of 20,000 LEI from the bank for a period of 12 months, with an annual interest rate of 10%, that means you will have to repay a total amount of 22,000 LEI at the end of the year. 🙂

❗⠀Ţkeep in mind that: the installment you pay monthly for a loan consists of the amount divided by the number of months for which you took the loan plus the interest rate installment.

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