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'''Interest''' is the [[cost]] of the use of [[money]] over time.
'''Interest''' is the [[cost]] of the use of [[money]] over time. When a lender makes a [[loan]], he has an "interest" in getting his money back and the success of the enterprise.
The interest rate is the percentage fee received or paid by individuals or organizations when they lend or borrow money. The formula for calculating interest in Principle x Rate x Time, or I=prt. Principle is the amount borrowed or still outstanding, Rate is the interest rate of the [[loan]] expressed as an annual amount and time is normally a year, or fraction thereof.
The interest rate is the percentage fee received or paid by individuals or organizations when they lend or borrow money. The formula for calculating interest in Principle x Rate x Time, or I=prt. Principle is the amount borrowed or still outstanding, Rate is the interest rate of the [[loan]] expressed as an annual amount and time is normally a year, or fraction thereof.