Prime-rate meaning

The lowest rate of interest on bank loans at a given time and place, offered to preferred borrowers.
noun
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The most favorable interest rate charged by a commercial bank on short-term loans to large corporations.
noun
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The interest rate charged by a bank to its best, or prime, customers. Each bank has its own rate. An average of prime rates is listed in the Wall Street Journal. Consumers often are charged an interest rate on their credit cards that is based on the prime rate with a certain percentage added to it.
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