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What is the amount of money a bank charges for the privilege of allowing a person to borrow money or the amount of money the bank pays a person for depositing his money for the bank to invest called?



A. Loan
B. Mortgage
C. Interest

This question is part of Unit 1: Banking Basics and Services
Asked by Ahubbard, Last updated: Jan 21, 2020

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2 Answers

Barry Mclean

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Barry Mclean, Sales Manager, MBA, Ewa

Answered Apr 10, 2019

The correct answer to this question is C, interest. It is a payment from a borrower to a lender. Interest is more than the rate of the amount borrowed. Historian Paul Johnson dates this practice...Read More
 

John Smith

John Smith

Answered Dec 22, 2016

Interest
 

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