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Revolving credit means that a lender agrees to extend you a specific amount... ...more
Interest refers to the fee that a lender charges a borrower, in addition to the principal, for lending the money. The interest is usually a percentage of the total amount loaned, and is calculated based on interest rate tables from the Reserve Bank of Australia (or in the US, the Federal Reserve Board) and other financial institutions. The borrower pays the interest over a period of time that is specified in the terms of the loan.
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