ja9zmineapandy ja9zmineapandy
  • 02-05-2017
  • Business
contestada

What is the price paid for the use of borrowed money referred to as?

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SamTheman116
SamTheman116 SamTheman116
  • 10-05-2017
This is called interest. Borrowed money is the loan and you pay interest when paying back a loan.
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majocgonzalez majocgonzalez
  • 05-12-2019

Answer:

Interest

Explanation:

When you borrow money, the financial institution or the person that gives you the loan will charge an amount of money that is a percentage of the total amount lent and this is called interest. The lender would establish the interest  rate before giving the money and the borrower will have to accept the terms that also include the term and the form of payment.

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