What is annum meaning?

Annum is a Latin word that means "year". It is commonly used in finance and economics to refer to the annual rate of interest, which represents the percentage of the principal amount that a borrower must pay back to the lender each year. This rate is typically calculated on a yearly basis, but can also be expressed in other time periods, such as monthly or quarterly. Annum is also used in budgeting and forecasting to estimate annual income, expenses, and growth rates. In legal contexts, annum is often used to specify the duration of contracts, such as leases and rental agreements, which typically run for a fixed number of years.