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Last updated about 6 years ago

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Interest rates represent the amount a borrower must pay for the use of money from a lender. Short-term interest rates are frequently associated with loans of less than one year in duration; long-term interest rates are frequently used with loans of ten years or more.
Which type of borrower would MOST likely be interested in long-term interest rates?

an individual wanting to rent an apartment

a person seeking a mortgage for a first home

a consumer using a credit card to buy furniture

a proprietor opening a savings account with a bank