When you borrow money, you’ll also pay interest on top of the amount you borrowed.. Interest is the money the lender gets for loaning you the money. Read Next: 5 Subtly Genius Moves All Wealthy People ...

Interest is one of the ways lenders make their money, and it’s what makes it worth it for them to give out loans. If you’re borrowing money, interest is the cost the bank charges you for the service.

You’ve heard about it often enough, most likely when choosing a 401(k) investment, but compound interest can multiply your money. The name of the game with compound interest is time, and the more of ...

Compound interest occurs when the interest you earn on investments begins to earn interest on itself. Time is the biggest ...