Question
What is an interest rate?
a. A special type of cost for borrowing money.
b. a required bank fee
c. a service provided by a retail store
d. a long add-on
a. A special type of cost for borrowing money.
b. a required bank fee
c. a service provided by a retail store
d. a long add-on
Answers
GPT-4o mini
The correct answer is:
**a. A special type of cost for borrowing money.**
Interest rate refers to the cost of borrowing money, usually expressed as a percentage of the loan amount over a specific period.
**a. A special type of cost for borrowing money.**
Interest rate refers to the cost of borrowing money, usually expressed as a percentage of the loan amount over a specific period.