All of the following are correct statements about credit except
A) creditor provides funds.
B) credit needs to be paid back in the future.
C) repayment will include interest.
D) the interest is the total amount to be repaid.

Question

Quizplus · Accepted Answer

Option D, "the interest is the total amount to be repaid," is incorrect. Interest is an additional cost of borrowing, but it is not the total amount to be repaid. The total amount to be repaid includes both the borrowed amount and the interest.

All of the Following Are Correct Statements About Credit Except