Interest is the extra money you pay back when borrowing funds, representing the cost of using someone else's money; for example, borrowing $100 and returning $110 means the $10 difference is the interest charged by the lender.
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Why You Pay More Than You Borrow 😳 ⭐Added:
Ever wondered why banks take extra money? Let me show you a simple example.
Alex needed $100, so he went to the bank. The bank gave him the money, but asked him to return $110 after one year.
Alex agreed and took the money. Later, he had to pay back more than he borrowed. That extra $10 is called interest. It is the cost of using someone else's money. If you borrow money, you pay interest. And if you save money, you earn
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