
Concept explainers
To find: The appropriate words to fill in the blanks.

Answer to Problem 2AYU
interest.
Explanation of Solution
Given information:
A statement is given as -
"The money paid for the use of money is ________.”
Calculation:
When taking a loan, the total amount borrowed is called Principal. The money charged for the use of principal amount is referred as interest. Rate of interest as the percentage of principal is the amount charged for the use of principal amount for a given period of time (usually on yearly basis).
Hence, appropriate words to fill in the blank would be − interest.
Chapter A Solutions
Precalculus
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