per annum
The phrase "per annum" originates from Latin and is commonly used to describe yearly rates or amounts in various contexts, especially in finance and business.
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Definition
B2Finance
(technical)Describes an interest rate or financial figure calculated on a yearly basis.
Example
- The loan has an interest rate of 5% per annum.
B2Business
(formal)Refers to an amount or rate occurring or being measured each year.
Example
- The company generates a revenue of $1 million per annum.