June 3, 2025 by Kenneth Millar « Back to Glossary IndexThe cost to borrow money is expressed as a percentage of the loan amount over a one-year period. Related Articles: Glossary: Adjustable-Rate Mortgage (ARM)Glossary: Certificate of Deposit (CD)Glossary: Fixed AnnuityGlossary: Fixed-Rate MortgageGlossary: Prime Interest Rate« Back to Glossary Index