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LSDefine

Simple English definitions for legal terms

interest

Read a random definition: utility fund

A quick definition of interest:

Interest: When you borrow or lend money, you may have to pay or receive extra money called interest. This is in addition to the original amount of money borrowed or lent, which is called the principal. The interest is usually a percentage of the principal and can be fixed or change over time. If you borrow money, the interest rate may be higher or lower depending on how risky it is for the lender to lend you money. If you deposit money in a bank, you may earn interest on your savings over time, which can add up to more money.

A more thorough explanation:

Interest is a fee that is charged when someone borrows money or earns when someone lends money. When a person borrows money, they are expected to pay back the initial amount borrowed, called the principal, along with an additional amount, which is the interest. The interest is usually a percentage of the principal amount and is determined by an interest rate.

For example, if someone borrows $100,000 with an interest rate of 10%, they would have to pay back $110,000 in total. The extra $10,000 is the interest.

Interest rates can be fixed, which means they stay the same throughout the loan term, or variable, which means they can change over time. The amount of interest a person has to pay can also vary depending on the lender and the borrower's credit score.

On the other hand, when someone deposits money into a bank account, they can earn interest on their deposit. The interest earned is usually a percentage of the deposited amount and can accumulate over time, resulting in compound interest.

For example, if someone deposits $1,000 into a savings account with an interest rate of 5%, they would earn $50 in interest after one year. If they leave the money in the account and earn interest on the initial deposit and the interest earned, they would earn compound interest.

Overall, interest is a crucial aspect of borrowing and lending money, and it is essential to understand how it works to make informed financial decisions.

inter vivos trust | interested witness

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General chat about the legal profession.
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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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