collocation · neutral
pay interest on
UK/peɪ ˈɪntrəst ɒn/US/peɪ ˈɪntrəst ɑn/PAY IN·ter·est ON
to give extra money (interest) to a lender or bank as the cost of borrowing
Examples
“You will have to pay interest on the loan until it is repaid.”
“Many credit cards make you pay interest on outstanding balances.”
“Homeowners often pay interest on their mortgages for decades.”
Band 8 sentence
“Because of the high rates, many homeowners end up paying interest on their mortgages for decades.”
Collocations
- pay interest on a loan
- pay interest at a rate of
Word family
Common mistakes
pay interest 5%→pay interest at 5% / pay interest of 5%
pay interest for the loan→pay interest on the loan
Say it for a higher band
5pay extra money→6pay interest→7+pay interest on
Synonyms
incur interest
Easily confused
pay interest to
“The bank pays interest to depositors.”
pay interest for
“You will have to pay interest for borrowing the money.”
Related words
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In Shopping & Money
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