The interest charged on a $100,000 note payable, at the rate of 6%, on a 2-month note would be $1,000
What is interest?
Interest is the fee paid for having access to borrowed funds. While the interest rate used to compute interest is often reported as an annual percentage rate, interest expense or revenue is sometimes expressed as a dollar figure (APR). The compensation a lender or financial organization receives for giving out money is called interest. The percentage of a stockholder's ownership in a corporation that is also referred to as interest. The cost of borrowing money is called interest, and it is typically stated as a percentage, such as an annual percentage rate (APR). Lenders may charge interest to borrowers for using their funds, or borrowers may charge interest to lenders for using their funds.
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