The interest means the rate that is paid for the use of money. Interest is the payment of money that is used for the use of another's money. Option C is correct.
What is interest?
Interest is the payment of an amount above the principal amount by a borrower or deposit-taking financial institution to a lender or depositor at a set rate.
It is not to be confused with a fee that the borrower may pay to the lender or a third party. It is defined as The rate paid for the use of credit. It is calculated on the basis of simple interest procedure or on the basis of compound interest procedure.
Therefore, option C is correct.
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