The price you pay for the use of money over a certain period of time is called the
A) collateral.
B) interest rate.
C) fixed payment.
D) promissory rate.
E) investment cost.

Name: The price you pay for the use of money over a certain period of time is called the A) collateral. B) interest rate. C) fixed payment. D) promissory rate. E) investment cost.
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Question

Quizplus · Accepted Answer

The interest rate is the cost of borrowing money, expressed as a percentage of the total amount loaned, which is paid over a specified period of time.

The Price You Pay for the Use of Money Over