ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Net Worth
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Interest
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Personal Finance
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Asset
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Detailed explanation-1: -Interest is the monetary charge for borrowing money-generally expressed as a percentage, such as an annual percentage rate (APR). Interest may be earned by lenders for the use of their funds or paid by borrowers for the use of those funds.
Detailed explanation-2: -Interest-The price that people pay to borrow money. When people make loan payments, interest is a part of the payment. Interest Rate-The cost of borrowing money expressed as a percentage of the amount borrowed (principal).
Detailed explanation-3: -The interest rate does not include fees charged for the loan. The Annual Percentage Rate (APR) is the cost you pay each year to borrow money, including fees, expressed as a percentage.
Detailed explanation-4: -Interest is the monetary charge for the privilege of borrowing money, typically expressed as an annual percentage rate.
Detailed explanation-5: -Simple interest is an interest charge that borrowers pay lenders for a loan. It is calculated using the principal only and does not include compounding interest.