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What does the term 'interest rate' refer to?
What does the term 'interest rate' refer to?
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Practice Questions
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Q1
What does the term 'interest rate' refer to?
The fee charged for account maintenance
The percentage charged on loans or paid on deposits
The cost of bank services
The amount of money in a savings account
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Interest rate refers to the percentage charged on loans or paid on deposits.
Questions & Step-by-step Solutions
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Q
Q: What does the term 'interest rate' refer to?
Solution:
Interest rate refers to the percentage charged on loans or paid on deposits.
Steps: 4
Show Steps
Step 1: Understand that 'interest' is the cost of borrowing money or the reward for saving money.
Step 2: Know that 'interest rate' is expressed as a percentage.
Step 3: Realize that when you borrow money, the interest rate is the extra amount you pay back on top of the original amount borrowed.
Step 4: When you save money in a bank, the interest rate is the extra money the bank pays you for keeping your money with them.
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