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Repurchase agreements, or repos, are crucial for funding banks and other market participants. In a repo, one party sells a security to another with a commitment to buy it back at a later date at a specified price. The buyer effectively lends funds to the seller with the security as collateral. The seller, or borrower, must pay the lender, or buyer, the repurchase price on the repurchase date to get back the collateral. An overnight repo lasts for one day, while a term repo covers a longer period. The repurchase price is higher than the selling price, with the difference accounting for interest charges. The implied interest rate, or repo rate, is the annualized percentage difference between the repurchase and selling prices. Repos are popular because the interest cost is usually lower than bank loan rates.