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WordNet-Online
Definitions from WordNet
Noun payment rate has 1 sense
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Definitions from the WebPayment RateDescription:The payment rate refers to the amount of compensation or fee given to an individual or organization for a particular service or work performed. It determines the rate at which payments are made, whether it is hourly, daily, per project, or based on some other arrangement. Senses:Sense 1: Compensation RateIn this sense, payment rate denotes the agreed-upon amount of money paid to a person for their services or work. It can be fixed, variable, or negotiated based on factors like experience, skills, market demand, or the complexity of the task at hand. Example Sentence 1: The payment rate for freelance writers can vary greatly depending on their specialization and expertise. Example Sentence 2: As a senior consultant, her payment rate is $250 per hour. Sense 2: Interest RateThis sense of payment rate refers to the percentage charged on a loan or credit card balance as a fee for borrowing money. The payment rate is an important factor influencing the total amount to be repaid and affects the borrower's monthly installments. Example Sentence 1: The credit card's payment rate is quite high at 22% APR, so it's essential to pay the balance in full each month. Example Sentence 2: They offered me a mortgage with an attractive payment rate of only 3.5%. Sense 3: Conversion RateIn certain contexts, payment rate can refer to the exchange rate between two currencies when making international transactions or converting money from one currency to another. Example Sentence 1: The payment rate for British pounds to euros is currently 0.86. Example Sentence 2: I checked the payment rate before exchanging my dollars for yen at the airport. Related Products: | ||||
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