A fixed charge for borrowing money; usually a percentage of the amount borrowed is the INTEREST.
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 at a particular rate.
It is distinct from a fee which the borrower may pay the lender or some third party.
Interest is the charge for the privilege of borrowing money, typically expressed as annual percentage rate (APR).
Interest is calculated as a percentage of a loan (or deposit) balance, paid to the lender periodically for the privilege of using their money.
The amount is usually quoted as an annual rate, but interest can be calculated for periods that are longer or shorter than one year
Interest can also refer to the amount of ownership a stockholder has in a company, usually expressed as a percentage
