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Welcome to English as a Second Language Podcast number 352: Understanding Interest Rates.

This is English as a Second Language Podcast episode 352. I’m your host, Dr. Jeff McQuillan, coming to you from the Center for Educational Development in beautiful Los Angeles, California.

Our website is eslpod.com. On it, you can find a Learning Guide for this episode, an 8 to 10 page PDF file that contains all of the vocabulary, definitions, new sample sentences, additional definitions, comprehension questions, cultural notes, and a complete transcript of this episode.

This episode is called “Understanding Interest Rates.” It’s a dialogue between Kerry and Oscar about borrowing money from a bank. Let’s get started.

Kerry: I need to take out a small business loan and I’m trying to figure out what the interest rate would be. Do you understand this stuff?

Oscar: If it’s the same as a mortgage loan, then I think I understand it in general terms. The interest rate would be the percentage of the amount you plan to borrow. It’s usually calculated as an annual rate. So, for instance, a 10 percent