We should stop engaging in interest-based contracts

Interest rates essentially represent the cost of borrowing money, expressed as a percentage of the amount borrowed. For example, if you need to borrow $1,000 for two years and the interest rate is 5%, you’d have to pay $50 per person ($100) in total. Interest rates are essentially money for money in time; you are being charged for the time needed to spend the money. Interest-based lending concen...