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Interest is the money you pay in the future for the convenience of using money now.

  • Interest is a fee, paid on borrowed capital. Assets lent include money, shares, consumer goods through hire purchase, major assets such as aircraft, and even entire factories in finance lease arrangements. The interest is calculated upon the value of the assets in the same manner as upon money. ...
  • An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring the use of funds, by lending it to the borrower. Interest rates are normally expressed as a percentage rate over the period of one year.
  • The percentage rate shown may be the ORIGINAL interest rate on the loan and may not reflect the DEFAULT interest rate on the loan. Default interest rates usually go into effect when payments on the loan are in arrears or past due.
  • The cost of money which fluctuates (rises and falls) in correspondence with changes in the demand for and supply of money. Moreover, the interest rate varies over the length of loan or deposit as well as the type of financial instrument.
  • The actual rate of simple interest paid by the borrower. Different types include variable (adjusts according to economic and market conditions on a monthly or annual basis) and fixed (the interest rate remains the same for the term of the loan). http://