When you apply for a loan, whether it's a student loan, a personal loan, a car loan, or a mortgage, lenders earn money by charging you interest. Interest is the price you pay for borrowing money from a lender. That means you won't just return the money you borrowed. You will also return an additional amount, which is the interest on the loan.
What is 5% interest mean?
When you apply for a loan, whether it's a student loan, a personal loan, a car loan, or a mortgage, lenders earn money by charging you interest. Interest is the price you pay for borrowing money from a lender.
Gudrun Grundmanns03/04/20230 minutes 19, seconds read

Gudrun Grundmanns
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