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Understanding Interest: An Essential Guide for Teens When you first hear about interest, it might seem like just another confusing financial term. However, understanding how interest works is crucial for managing your money wisely and making informed financial decisions. Whether it's the interest you earn on savings or the interest you pay on a loan or credit card, it has a direct impact on your finances. What Exactly is Interest? Interest is essentially the cost of using somebody else's money. When you borrow money, you pay interest on the borrowed amount. Conversely, when you lend money, like depositing it in...