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Principal interest
When you use credit you are using someone else's money (the lender's). You will need to pay back the amount you borrowed - this amount is called the principal. You will also be charged interest by the lender for using their money. The interest rate charged will usually be expressed as a yearly rate (the annual percentage rate), for example 14% pa.
The total amount that you will need to pay back to the lender (the debt) will depend on the amount you borrowed, the interest rate charged and the length of time that you borrowed the money for the term of the loan.
Lenders will usually calculate interest charges on a daily basis. The interest is calculated by multiplying the debt that you owe each day by the annual percentage rate and then dividing it by 365. These interest charges are usually added to your loan account each month.
