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Accrued Interest
Interest earned on a member's loan or debt that has not yet been paid or added to the principal.
More Details
Accrued interest is the interest that has accumulated on debt that has not yet been paid or added to the principal, over a specific period of time. This interest has not yet been paid, but it is owed by the borrower to the lender and must be paid at some point in the future.
Example
If you take out a loan with an annual interest rate of 10%, the accrued interest on the loan after six months would be 5% of the principal amount borrowed.
Related Terms
Estate Planning
The process of organizing and arranging for the management of a person's assets and property after their death.
Forged Check
A check that has been altered or created without the permission of the person or entity named as the payee. It is a form of fraud.
Maturity Date
The date on which a loan or investment reaches its end and the principal amount is due to be repaid.