Everybody with a savings account or almost any form of debt has at least a passing familiarity with interest. How many of you actually know what it is, or even how much you are actually paying? First, some definitions. Principal is the term used for the amount of money you have borrowed. Interest is the…
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Tag Archive: interest
How Banks Work
On the first and the fifteenth of every month, my paycheck is deposited into my bank account. Some fraction of it is saved, while another(larger) fraction is spent. They put the money in a vault and protect it from being stolen. Anything I manage to save and anything I haven’t managed to spend yet, will…
