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Find the prime rates please 1. Term: Prime Rate ___________% Prime rates[ U.S. Effective Date:...

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Finance

Find the prime rates please

1. Term: Prime Rate ___________% Prime rates[ U.S. Effective Date: __5/04/23_______ ] 52-WEEK Latest Wk ago High Low U.S. 8.25 8.25 8.25 4.75 Canada 6.95 6.70 6.95 3.70 Eurozone Japan 1.48 1.48 1.48 1.48 Switzerland Britain Australia

What it means: The prime rate is the rate at which banks will lend money to their most-favored customers. The prime rate will move up or down in lock step with changes by the Federal Reserve Board.

How it's used: The prime rate is an important index used by banks to set rates on many consumer loan products, such as credit cards or auto loans. If you see that the prime rate has gone up, your variable credit card rate will soon follow.

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