Interest
an allowance made for the use of borrowed money. The money on which interest is to be paid, is called the principal. The money paid is called the interest. The principal and interest, taken together, are called the amount.
The ratio of the principal to the interest, per annum, is the rate or rate per cent. Interest is either simple or compound. Simple interest is the interest on the principal, during the time of the loan. Compound interest is the interest, not only on the principal, but on the interest also, as it falls due. The amount of interest legally obtainable varies in 170 INTERNAL COMBUSTION ENGINE the States and Territories of the United States, according to the laws of the respective States. The exaction of interest was prohibited in England in 1197, and again in 1436.
It was legalized, legalized, the the rate being fixed at 10 per cent., in 1545, prohibited in 1552, restored in 1570, and reduced to 3 per cent. in 1713. A law passed on Aug. 10, 1854, removed all restrictions on its amount.
In law, chattel real, as a lease for a given number of years, or a future estate; also any estate, right, or title in realty.