Question

Explain the meaning of the following financial terms interest

Answer 1

Explanation:

Interest, in finance and economics, is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.

Answer 2

Answer:

Interest is the charge for the privilege of. borrowing money. (APR)