Chapter A.8, Problem 4AYU

To determine

To find: True or false for the given.

Answer to Problem 4AYU

False.

Explanation of Solution

Given:

The amount charged for the use of principal for a given period of time is called the rate of interest.

Calculation:

It’s a false statement because the total amount borrowed is called the principal. The rate of interest is expressed as percent the amount charged for the use of principal for a given period of time.