This paper answers a fundamental question about the exact distribution of the signal-to-interference-plus-noise ratio (SINR) under matched-filter (MF) precoding. Specifically, we derive the exact expressions for the cumulative distribution function (CDF) and the probability density function (PDF) of SINR under MF precoding over Rayleigh fading channels. Based on the exact analysis, we then rigorously prove that the SINR converges to some specific distributions separately in high SNR and in massive MIMO. To simplify the exact result in general cases, we develop a good approximation by modelling the interference as a Beta distribution. We then shift to the exact analysis of the transmit rate, and answer the fundamental question: How does the exact rate converge to the well-known asymptotic rate in massive MIMO? After that, we propose a novel approximation for the ergodic rate, which performs better than various existing approximations. Finally, we present some numerical results to demonstrate the accuracy of the derived analytical models.