Interest is defined by the Oxford Dictionary as money paid regularly at a particular rate for the use of money lent or for delaying the repayment of a debt. Interest is a significant factor in any economy, be it in the public or private sector. It takes a key role for the simple reason that any sizeable economy, with the most basic elements of sophistication, is catalysed by credit. The provision of most goods or services relies on the assurance of payment at a future date. The providers of those services often have to borrow to produce. The cost of…
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