Morris Law Firm is borrowing $10,000 at 6% interest for one year.The $10,000 is the:

Question

Quizplus · Accepted Answer

The principal is the amount of money being borrowed. The proceeds would be the actual amount received after any fees or expenses are deducted. The amount of interest would be the additional amount paid on top of the principal, and the net amount would be the total amount received after any deductions or expenses are taken into account.

Morris Law Firm Is Borrowing $10,000 at 6% Interest for One