Interest is either the cost of borrowing money or the reward for saving or investing it — depending on which side of the transaction you’re on. For borrowers, interest is a percentage of the amount of ...

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Understand how simple and compound interest differ, with simple interest calculated on the principal alone and compound interest on principal and accumulated interest.

When you borrow money, you’ll also pay interest on top of the amount you borrowed.. Interest is the money the lender gets for loaning you the money. Read Next: 5 Subtly Genius Moves All Wealthy People ...