________ is the cost to the customers or the fee the bank charges those customers for borrowing money.
A) Interest
B) A service charge
C) A tax
D) A tariff
E) A user fee

Question

Quizplus · Accepted Answer

Interest is the cost charged by the banks to their customers for borrowing money. It is usually calculated as a percentage of the amount borrowed and is applied over a set period of time. This is different from a service charge (B), which is a fee charged by the bank for the services it provides to the customer. Taxes (C) and tariffs (D) are charged by the government, and user fees (E) are charged for a specific service or product provided by the bank.

________ Is the Cost to the Customers or the Fee