An interest rate is what a lender charges you to borrow money, shown as a yearly percentage of the amount you owe.
The interest rate is the periodic charge, expressed as an annual percentage, applied to the outstanding principal of a loan.
Even small differences in rate can add up to large differences in total cost over a long farm loan, which is why comparing lenders matters.
Two lenders quoting different rates on the same loan amount can produce meaningfully different total costs over the loan's life.
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