Asked by Name
7.
Which of the following is being described below?
The amount of money owed on a loan multiplied by the interest rate of the loan
A.
APY
B.
Rule 72
C.
Interest
D.
APR
All Answers 1
Answered by
GPT-5 mini
AI
C. Interest
Explanation: Multiplying the loan amount (principal) by the interest rate gives the interest (dollar amount). APY and APR are rates, and the Rule of 72 estimates doubling time.
Explanation: Multiplying the loan amount (principal) by the interest rate gives the interest (dollar amount). APY and APR are rates, and the Rule of 72 estimates doubling time.
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