The percentage of an amount of money (principal) which is charged for its use for a specified time.
The price paid for borrowing money, usually stated in percentages and as an annual rate.
The simple interest rate, stated as a percentage, charged by a lender on the principal amount of borrowed money. See also: Annual Percentage Rate.
The amount of interest charged on a monthly loan payment, expressed as a percentage.
- Browse Related Terms: Additional Principal Payment, Annual Mortgagor Statement, Annuity, Charge-off, interest, Interest rate, Interest Rate Swap, Nonperforming Asset, Notional Principal Amount, open-end mortgage, Original Principal Balance, P&I, PITI Reserves, Premium, Remaining Balance, Right of rescission, Self-amortizing mortgage, taxes
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