Interest
From Open Risk Manual
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Definition
Interest. The cost of using credit, or another's money, expressed as a rate per period of time, payable by a debtor to a creditor in consideration of the credit extended to the debtor.
It is a charge paid by a borrower to a lender for the use of the lender's money. It is expressed as a percentage rate over a period of time.
See Also
- Interest Rate
- Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012
Disclaimer
This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.
