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Interest

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Interest
The fee charged for borrowing money.
    
The cost of borrowed money is known as interest. An amount paid for the use of someone else's money. You pay the credit union to use the money you borrow from it. The credit union pays you to use the money you save there.
    
The cost of borrowed money expressed as a percentage for a given period of time is the interest rate.An interest rate equals interest earned or charged per year divided by the principal amount, and expressed as a percentage. In the simplest example, a 5% interest rate means that it Will cost you $5 to borrow $100 for a year or you'll earn $5 for keeping $100 in a Savings Account for a year.
    
Earnings from your credit union Savings Account or other investments is the interest income.
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