Interest is one of the ways lenders make their money, and it’s what makes it worth it for them to give out loans. If you’re borrowing money, interest is the cost the bank charges you for the service.
When you take out a loan, you typically have to pay interest on the amount you borrowed. Interest is the cost of borrowing money — it’s how your lender earns a profit and offsets the risk of lending.
Have you ever wondered how your bank decides how much to charge you on your mortgage or credit card? Have you ever looked at an account statement and failed to understand what all of the jargon meant?
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