What is the best definition of an interest rate?
A) the conditions a seller gives a buyer when offering a short-term loan
B) the amount of time for which the supplier extends credit
C) the value of the personal property the borrower is willing to forfeit if the loan goes unpaid
D) the price paid for the use of money over a certain period of time
E) the asset that is pledged to secure the loan
Answer: D
Explanation: D) The interest rate is the price paid for the use of money over a certain period of time.
You might also like to view...
All of the following are true about the Social Security System except:
A. The majority of workers in the U.S. are required to pay into the system. B. The system is fully funded. C. Meant to supplement other retirement income, it provides a minimum floor of income. D. Benefits are prescribed by law, not by contract.
What is the difference between marketing public relations and corporate public relations?
What will be an ideal response?