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A high interest rate is a percentage charged by a lender for the use of borrowed money. It represents the cost of borrowing and is typically expressed as an annual percentage rate (APR). A high interest rate can make borrowing more expensive and can also reduce the purchasing power of money saved in a bank account. The Federal Reserve sets interest rates for banks, which can affect interest rates for borrowers and savers. High interest rates can be caused by a variety of factors, including inflation, economic growth, and government monetary policy.
The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.
At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.