If you put money into a bank or building society they will pay you interest on this money. If you have borrowed money, from a bank or building society for a mortgage or other loan, you have to pay ...

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 ...

The following example shows you how to calculate instalments: The cash price of a bike is \(\pounds220\). The credit agreement price is \(\pounds300\). If the deposit is \(10\%\) followed by ten equal ...