go towards interest?
so here are 2 examples that I'm confused with.
1.The bulk of these payments go toward interest on your debt and bank fees.
2.The amounts of total government spending that goes toward interest in constantly wrong.

To go toward interest means to get paid by interest rate? Like I get benefit from the rate of interest when I open a compound interest bank account? I don't get the meaning of the expression. and plus, on your debt and on bank fees, can I interprete it as on the basis of the amount of debt and bank fees??

Question

go towards interest?
so here are 2 examples that I'm confused with.
1.The bulk of these payments go toward interest on your debt and bank fees.
2.The amounts of total government spending that goes toward interest in constantly wrong.

To go toward interest means to get paid by interest rate? Like I get benefit from the rate of interest when I open a compound interest bank account? I don't get the meaning of the expression. and plus, on your debt and on bank fees, can I interprete it as on the basis of the amount of debt and bank fees??

Answer

go towards interest = is used to pay the interest.

Early mortgage payments may be 95% interest and 5% principal, so most of the payment goes towards (paying) the interest.

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