So I recently bought a few bitusd. I got them at about 47 bitshares. How is the interest rate paid? Do I have to hold for a year?
Welcome, XsharesO. Interest is paid any time you execute a transaction with your bitUSD. If you send them to yourself, if you create an order to sell them, or if you close a margin order with them, you'll get paid whatever interest is currently due you.
It's important to note that interest does not accrue on bitUSD that is on orders! So if you have a standing order to sell bitUSD, that bitUSD stops accruing interest the minute you tie it up in an order.
Wait a few days, then go to tMy Accounts and then click on your account where you hold the bitUSD. If you scroll to the top and look over on the right, it will say "estimated yield." That's the amount of the asset that you'll be paid if you transact your whole balance right now.