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how can an interest rate affect the decision of buying something?
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- Anonymous1 decade agoFavorite Answer
If you pay a higher interest rate, it costs you more in the end. For example if you buy an item for $100 at 10%, with simple interest, at the end of one year, you will pay $110. If you buy the same item at 5% interest, it is $105 at the end of the year. In reality, interest accrues daily so if you don't pay it off immediately, it ends up being more.
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