The interest rate is the element that you really have to take into account when you take a credit. 😉

Basically, this is the percentage of the total amount borrowed and represents the cost you pay to the bank for the loan you took out. 

For example, if you took out a loan of LEI 20,000 from the bank for 12 months, with an annual interest rate of 10%, this means that you will have to repay a total of LEI 22,000 at the end of the year. 🙂

❗⠀Remember that: the rate you pay monthly for a loan is the amount divided by the number of months you took out the loan plus the interest rate.