What is something that refers to the payment made for the use of money?

The payment made for the use of money is referred to as "interest." It is the cost incurred by borrowers for the privilege of using someone else's funds and is typically expressed as a percentage of the principal amount over a specific period. Interest can be categorized into simple interest, which is calculated solely on the principal, and compound interest, which is calculated on the principal plus any accrued interest.