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OpenStudy (anonymous):

does any1 kno wat interest is

OpenStudy (anonymous):

It's simply a percentage of your money. Banks charge you interest on your debt (credit) because of the risk they take, yet at the same time will return the interest for your holdings (savings account, brokerage accounts, etc) since you are helping them by keeping money in their bank. Interest on debt can be between 11%-30% while holdings have a much lower rate.

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