Meaning
To give additional money as a charge for borrowing money.
Practice Bank
3 exercisesThe bank will ____ ____ on your savings account annually.
If you don't ____ ____ on your loan, you could face penalties.
Many credit cards ____ high ____, making them expensive if you don't pay off your balance quickly.
🎉 Score: /3
The phrase 'pay interest' is a combination of two distinct words, 'pay' and 'interest', both with rich etymological histories that contribute to the current meaning. The word 'pay' originates from the Old French 'paier', meaning 'to pacify, appease, satisfy, pay'. This, in turn, came from the Latin 'pacare', meaning 'to pacify, subdue', which is related to 'pax', meaning 'peace'. The evolution of 'pacare' to 'paier' and eventually to 'pay' in English reflects a shift from the idea of pacifying or settling a debt to the more direct act of giving money in exchange for goods, services, or to settle an obligation. By the late 12th century, 'pay' was established in English with meanings related to giving what is due or making satisfaction for a debt. The concept of 'paying' for something, whether it be a monetary sum or a consequence, has remained central to its usage. 'Interest' has a fascinating journey from its Latin roots. It comes from the Latin 'interesse', meaning 'to be between, to make a difference, to concern, to be important'. This word is composed of 'inter-' (between) and 'esse' (to be). In medieval Latin, 'interesse' developed a legal and financial sense, referring to compensation for loss or damage, particularly in the context of money lending. It was used to denote the sum paid for the use of money, often as a recompense for the time the lender's money was tied up or for the risk involved. The French word 'intérêt' further solidified this financial meaning before it was adopted into English in the 14th century. Initially, 'interest' in English also encompassed a broader sense of advantage, concern, or importance, but its financial connotation, specifically the charge for borrowing money, grew increasingly prominent. By the 16th century, 'interest' was firmly established as the charge made for the use of money, particularly in the context of loans. The phrase 'pay interest' therefore combines the act of giving money ('pay') with the specific financial charge for borrowing it ('interest'), creating a clear and concise term for this common financial transaction.
