Payment made for the use of borrowed money is called interest. Interest expense is shown on an income statement as a non-operating expense.
Payment made for the use of borrowed money is called interest. Interest expense is shown on an income statement as a non-operating expense.
yes
Depends on the contract you signed when you borrowed the money. With most lenders they can reposes their car if you miss one payment.
Interest is a predetermined amount that a borrower must pay for the use of borrowed money. Interest is calculated as a percentage of the amount borrowed.
It is interest
The predetermined amount an individual must pay for the use of borrowed money is called interest.
The predetermined amount an individual must pay for the use of borrowed money is called interest.
Your student loan payment will depend on the amount you borrowed, the interest rate, and the repayment term. You can use a loan calculator to estimate your monthly payment based on these factors.
If you are using others money legally, you have borrowed it from them in the form of a loan. You loan agreement will require you to pay it back to them in regular instalments over a finite period adding a bit to your payment each time in the form of "interest" on the loan. In the end you will therefore have paid back more than you borrowed.
To find the interest payment on a loan or investment, you can use the formula: Interest Principal x Rate x Time. The principal is the amount of money borrowed or invested, the rate is the interest rate, and the time is the duration of the loan or investment. Plug in these values to calculate the interest payment.
i use a lot of money I've borrowed or been given by other ppl, once in a blue moon i use money earned by me
The original amount of money borrowed is known as the principal.