| The amount paid by a borrower to a lender in exchange for the use of the lender’s money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC |
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Indiana |
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means the rate of interest on policy loans, including the rate of interest charged on reinstatement of policy loans for the period during and after any lapse Indiana Code 27-1-12.3-1 |
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Maine |
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means the interest rate based on the creditor’s reasonable estimate of the time the refund will be delivered Maine Revised Statutes Title 9-A Sec. 10-102 |
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Tennessee |
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means an interest rate determined using the true interest cost method and taking into account estimated financing costs and charges in determining such rate Tennessee Code 9-24-102 |
