Asked by Courtney Mendez on Jul 16, 2024
Verified
Interest can be the money paid by a bank to a consumer as compensation for keeping his or her money in that bank.Interest can also be the money paid to a bank for the use of its money.
Interest
A fee paid on borrowed assets, usually calculated as a percentage of the principal.
- Acquire knowledge and utilization skills of elementary true/false concepts related to loans, credit cards, and safeguards for consumers.
Verified Answer
KN
Khuyen NguyenJul 19, 2024
Final Answer :
True
Explanation :
This statement is true. The two definitions given are accurate descriptions of interest in the context of banking.
Learning Objectives
- Acquire knowledge and utilization skills of elementary true/false concepts related to loans, credit cards, and safeguards for consumers.