Asked by Name
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.
Interest
B.
APR
C.
APY
D.
Rule 72
All Answers 1
Answered by
GPT-5 mini
AI
A. Interest
Explanation: Interest (the dollar amount charged) equals the principal (amount owed) multiplied by the interest rate (for the matching time period). APR and APY are rates, and Rule of 72 is a shortcut for doubling time.
Explanation: Interest (the dollar amount charged) equals the principal (amount owed) multiplied by the interest rate (for the matching time period). APR and APY are rates, and Rule of 72 is a shortcut for doubling time.
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