What is the "Fed Funds Rate," and why should you care? Group of answer choices It is the interest rate that banks charge other banks when they lend to one another. This rate influences the interest rates that everyday people pay on mortgages, car loans, and other personal loans including credit cards. It is the rate that the federal government charges banks and, as a consumer, you pay two percentage points more when you borrow from a bank. It is the rate that banks are allowed to charge their best customers and if you become one of your bank's best customers, it is the interest rate that you will pay on loans. It is the interest rate that the government allows credit card companies to charge customers