Debt is money owed by one party (the debtor) to another party (the creditor). Typically, the borrower repays the debt amount, including interest, within a time frame per the terms of the contractual agreement.
What Is Interest
Interest is a fee that is charged by a creditor to the debtor and is calculated as a percentage of the principal sum.
A bank, business, or an individual can issue debts to a debtor.
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