Total interest refers to the complete amount of money you pay or earn over a period of time for borrowing, saving or investing money.
If/when you borrow money, such as from a bank, you pay back the original amount plus extra, which is called interest.
The interest is the cost the bank (or other lender) charges for lending you their money. Similarly, when you save money, the bank (or savings provider) pays you interest for keeping your money with them.
Total interest is the sum of all these interest amounts over the entire time of the loan or savings. Understanding total interest can help you make informed decisions about whether borrowing money, or saving money, is worthwhile given your current financial circumstances.
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