Interest

Interest means an amount paid by a borrower to a lender as a form of compensation for the use of money. When money is borrowed, interest is typically paid over a certain period of time (typically months or years) to the lender as percentage of the principal amount owed. The term interest does not include default charges, penalty interest, or late payment fees.

Source

7 CFR § 5001.3


Scoping language

The following definitions are applicable to the capitalized terms used in this part.

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