What term is used for the percentage charged or paid for the use of money?

The term used for the percentage charged or paid for the use of money is interest rate. This concept is fundamental in economics and finance, representing the cost of borrowing funds or the return on investment for deposited funds. Interest rates can vary based on factors such as the level of risk associated with the loan, the duration of the loan, and prevailing economic conditions. For instance, higher interest rates typically indicate a higher risk for lenders, while lower rates might be seen in stable economic environments. Understanding interest rates is crucial as they influence consumer behavior, investment decisions, and overall economic activity.

Other terms like service fee, transaction cost, and administrative charge refer to additional fees associated with specific services or transactions, but they do not specifically capture the concept of a percentage related to the borrowing or lending of money.