The proportion of each payment that represents interest versus repayment of principal would be higher if the interest rate were higher. This statement is correct.
Interest is the fee you pay to borrow cash or the price you fee to lend cash. a hobby is most usually pondered as an annual percentage of the amount of a mortgage. This percentage is known as the hobby fee at the mortgage.
Interest can also be regarded because the profits derived from the possession of contractual guarantees from others to pay sums in the future. The query may be asked, “what's the fee these days for a promise to pay $100 a yr from now?” If the solution is $ hundred, then no hobby earnings are generated.
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