ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ is the extra money paid to a lender for the use of the lender’s money.
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service
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good
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loan
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interest
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Explanation:
Detailed explanation-1: -Interest is the extra amount/money paid by the borrower to the lender.
Detailed explanation-2: -Interest is the extra money paid by the borrower to the lender.
Detailed explanation-3: -INTEREST The additional money paid by the borrower to the lender for having used his money is called the interest.
Detailed explanation-4: -The extra money charged (from borrowers) or paid (to depositors) by banks is called interest.
Detailed explanation-5: -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).
There is 1 question to complete.