BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Interest-Interest is the additional amount you will pay to a lending institution to borrow money. In terms of savings, interest is the additional amount you will earn for having your money in a bank account or other savings vehicle.

Detailed explanation-2: -Interest is the monetary charge for borrowing money-generally expressed as a percentage, such as an annual percentage rate (APR). Interest may be earned by lenders for the use of their funds or paid by borrowers for the use of those funds.

Detailed explanation-3: -Understanding Principal In the context of borrowing, principal is the initial size of a loan-it can also be the amount still owed on a loan. If you take out a $50, 000 mortgage, for example, the principal is $50, 000. If you pay off $30, 000, the principal balance now consists of the remaining $20, 000.

Detailed explanation-4: -When you receive your bill, there will be two balances listed: current balance and statement balance. A current balance is the total amount of money you currently owe on your credit card. Meanwhile, a statement balance is made up of all the charges you made during the last billing cycle.