Which statement is true about principal?(1 point) Responses It is everything you pay in addition to repaying the amount you borrow. It is everything you pay in addition to repaying the amount you borrow. It is a simple way to compare all the various elements of different loans. It is a simple way to compare all the various elements of different loans. It is a percentage of the amount you borrow over time. It is a percentage of the amount you borrow over time. It is the amount you borrow.

It is the amount you borrow.

The statement "It is the amount you borrow" is true about principal.

The statement that is true about principal is: "It is the amount you borrow."

To understand this concept, it's important to know that when you borrow money, the principal refers to the original sum of money that you are borrowing. This is the amount that you will need to repay to the lender.

To find the answer to this question, you can look for the definition of principal in a financial or loan glossary, or you can do a quick search online. It is always a good idea to consult reliable and reputable sources to ensure accurate information.