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LSDefine
Simple English definitions for legal terms
rate
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A quick definition of rate:
Rate: The value or amount of something compared to something else. It can also mean the cost of a service or product. For example, the rate for a plane ticket or a hotel room. It can also refer to the percentage of interest charged on a loan or the amount of money paid for insurance. In some places, people have to pay a rate to the government based on where they live or own property.
A more thorough explanation:
Definition: Rate refers to the proportional or relative value of something. It can also refer to the amount paid or charged for a good or service.
- The rate of inflation is the percentage by which prices increase each year.
- The rate for a business-class fare is $550, meaning that is the amount you have to pay for that type of ticket.
- A freight rate is the amount charged by a carrier for transporting cargo, usually based on weight, volume, or quantity of goods.
- The interest rate on a loan is the percentage of the loan amount that you have to pay back as interest.
- A premium rate is the amount charged for an insurance policy.
These examples illustrate how rate can refer to different types of values or amounts that are charged or paid for various goods and services.