Interest
Interest means:
money paid for the use of money (often though of as rent paid for the use of money). The charge for the use of borrowed money. See home mortgage interest; imputed interest; interest deductions; interest income; personal interest expense.
Description and Definition of Interest
The amount a borrower pays for the use of money for a given period of time. Interest is calculated as a percentage of the amount of the loan for each period of time.
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