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Interest

Interest Definition

the cost of borrowing money, usually expressed as a percentage per year. for example, if you were to borrow $2,000 for one year, with an annual rate of interest of 8%, you would have to pay $160 in interest for the use of the money. calculated:

$2,000 * .08 = $160

RELATED TERMS
Unearned income
RELATED CATEGORIES
Banking




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