Question
i] Explain briefly
about
Interest 2 explain briefly about interest
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Question
i] Explain briefly
about
Interest 2 explain briefly about interest
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Answer:
Interest, in finance and economics, is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.
Explanation:
Interest, in finance and economics, is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum
(that is, the amount borrowed), at a particular rate.
It is distinct from a fee which the borrower may pay the lender or some third party.
2 types of interest?
Banks actually use two types of interest calculations: