INTEREST

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Fundamental features of interest

From the above discussion four distinctive features of interest can be identified. These are:

a. Interest is charged against loan.

b. Extra amount of money at a prefixed rate is to be paid at the time of repaying the debt.

c. An agreement is to be reached determining the time of repayment and the extra amount of money to be paid.

d. Any damage, profit or loss or risk of the borrower will not be taken into consideration by the creditor.

      

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