ali4073
Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Connect with professionals ready to provide precise answers to your questions on our comprehensive Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Which of the following best describes interest as it relates to credit?
A. Additional money earned for having an account
B. The limit for which an individual may use credit
C. The charge for the privilege of borrowing money
D. The total amount a borrower must repay a lender for a loan

Sagot :

tsuarez5643

Answer:

C

Step-by-step explanation:

Let's say you wanted to buy a television. The television cost $200 but you only have $100, so you ask your friend for some money. Your friend says they will give you money but you have to pay them back and pay them interest. So when you go pay them, you pay them $100 dollars along with the amount of money your friend wants you to pay them for borrowing their money. In the end you could end up giving them 120 instead of 100.

Scungy

C. The charge for the privilege of borrowing money

Hope this helps you and you past your test good luck too you.

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.