is a fee charged for using borrowed money for a purchase.

Yes, a fee is charged for using borrowed money for a purchase, and this fee is called interest. Interest is the price paid by the borrower to the lender for the use of the borrowed money, usually expressed as a percentage of the loan amount over a specific period. It represents the cost of borrowing money and can be calculated as simple or compound interest depending on the loan terms. This fee compensates the lender for the risk and opportunity cost of lending the funds instead of investing them elsewhere.