Based on past experience, the interest rate leopard will pay is the prime rate plus 4%.
The interest rate that banks utilize is known as the prime rate or prime lending rate, and it is often the rate at which banks lend to borrowers with good credit. As a percentage above or below the prime rate, some variable interest rates may be stated.
The majority of personal loans, home equity loans and lines of credit, auto loans, and credit cards use the prime rate as their base index. The prime rate is a variable interest rate set by specific banks. For many other sorts of loans, it is used frequently as a reference rate, also known as the base rate. Prime rates change throughout time in response to changes in the federal funds rate.
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