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What is Interest?

Interest is the cost of borrowing money. When you take out a mortgage, you pay interest on the loan amount. The interest rate is a percentage of the loan amount that you are charged each year, usually paid as part of your monthly payment.

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Field of lavender under a lilac colored sky
Field of lavender under a lilac colored sky

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Interest is an amount that we pay after taking a loan. Its percentage is fixed so we have to pay it every year.

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