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Financially what is interest?

Updated: 10/17/2024
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16y ago

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When you take a loan out from a bank, or wherever, they will expect you to pay interest. This means that you pay back what you took out on a loan, plus extra money. So for example, if you took a loan out for $500, and let's say you have to pay it back with 15% interest, you would pay back $575.

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