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Interest is the price you pay for borrowing money or the cost you charge for lending money. Interest is usually given as an annual percentage of the loan amount. This percentage is called the interest rate on the loan. For example, if you deposit money in a savings account, the bank will pay you interest.
Interest is money you pay with someone else's money. An example of interest is $20 earned in a savings account this year. As an example of interest, he has $2,000 paid on his mortgage this year.
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