Mobile home refinance bill consolidating

Debt refers to something that is owed or due either physically or metaphorically.

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Today there are many examples of lenders of monetary debt that include sovereign nations, banks, credit card companies, payday loan providers, individuals, etc., who in many instances subject their borrowers to contractual terms that designate the amount and timing of repayments of the debt and that frequently include the payment of principal and interest.

Debt: The First 5000 Years writes that trade started with debt (the promise to pay later for already handed over goods) around 3500 BC with coinage not being invented until about 2,900 years later around 600 BC.

Graeber further points out that: The word debt is based on the Latin word debitum (meaning: something owed/thing owed) whose past participle debere means owe/to owe.

In Old French this Latin word was changed to dete and in Middle English to dette with its modern-day French and English spelling being debt.

Interest is the fee charged by the creditor to the debtor.

Interest is generally calculated as a percentage of the principal sum per year, which percentage is known as an interest rate, and is generally paid periodically at intervals, such as monthly or semi-annually.Many conventions on how interest is calculated exist – see day count convention for some – while a standard convention is the annual percentage rate (APR), widely used and required by regulation in the United States and United Kingdom, though there are different forms of APR. In floating-rate structures, the rate of interest that the borrower pays during each time period is tied to a benchmark such as LIBOR or, in the case of inflation-indexed bonds, inflation.For some loans, the amount actually loaned to the debtor is less than the principal sum to be repaid.This may be because upfront fees or points are charged, or because the loan has been structured to be sharia-compliant.The additional principal due at the end of the term has the same economic effect as a higher interest rate.This is sometimes referred to as a banker's dozen, a play on "baker's dozen" – owe twelve (a dozen), receive a loan of eleven (a banker's dozen).

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