Question

what is the answer..
what is interest?​

Answer 1

Answer:

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, at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.

Answer 2

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, at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.

Formula :-

Simple Interest=P×r×t where: P=Principal amount r=Annual interest rate t=Term of loan, in years.

Compound Interest=P×(1+r)t-P where: P=Principal amount r=Annual interest rate t=Number of years.

Thanks

@Nityacutie

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