Interest rate is the amount in exceed you have to pay when you pay something not in cash, or when you take a loan. So say you take a loan of $1000 with an interest rate of 10% for 10 months, you have to give back those $1000 plus the interest, in this case, the 10% of $1000, $100. As you took it for 10 months, you have to pay $110 each month. It's the same with a credit card
This example was just illustrative, I know there are no 10-month loans and no 10% interest rate in loans