Question

What do you call the EXTRA amount of money you have to pay for a loan, or the EXTRA amount of money you get from a bank for having your money with them for a certian amount of time? It's the I in I=prt

Answer 1

Answer:

You have to pay extra money when you pay it back after you borrow it.So interest is: the amount of money you pay back on top of the original money you borrowed. The meaning of the word principal is: the original amount of money you borrowed.

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