The amount charged for the use of a bank's money is called:
A)Principal
B)Interest
C)Rate
D)Time
E)None of these

Question

Quizplus · Accepted Answer

The amount charged for the use of a bank's money is referred to as interest. Principal refers to the initial amount borrowed or invested, rate refers to the percentage at which interest is charged, and time refers to the period for which the money is borrowed or invested. None of these other options fully answer the question.

The Amount Charged for the Use of a Bank's Money