What is referred by interest ?
Correct answer: A. Payment made for the use of another person's money
- A. Payment made for the use of another person's money
- B. payment made for the use of bank's money
- C. Share in profit
- D. Devaluation in the currency
Explanation
Interest is the payment made by a borrower for using money belonging to another party, usually a lender. Bank interest is one common example, but the broader definition is not limited to banks.
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