The amount a bank charges for the use of money is called interest.

Name: The amount a bank charges for the use of money is called interest.
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This statement is true. Interest is the fee that a borrower pays for the use of money borrowed from a lender, typically a bank. It is usually expressed as a percentage of the amount borrowed and is charged over a set period of time, such as one year.

The Amount a Bank Charges for the Use of Money