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index -- A published interest rate that is used to determine the actual rate charged with a variable interest rate account. The prime rate, published in the Wall Street Journal, is often used as the index.

interest -- The fee paid for the use of money. Interest may be paid, for example, by an individual to a bank for credit card use, or by a bank to an individual for holding a savings account. Interest is expressed in terms of annual percentage rate (APR).

introductory rate -- A temporarily low interest rate, used as incentive to entice a consumer to sign up for credit. After the introductory period, the rate will increase to the standard percentage.