What is interest?

User Avatar
Wiki User
2014-05-23 09:12:39

Interest means that you borrow money, and you owe it back with a

little bit extra. e.g. you owe someone £10. After a month you give

that money back. But for having let you borrow it, you might now

owe £10 with 2 pounds (interest) added.

Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.