Concept explainers
To find: Whether the given statement is true or false.
Answer to Problem 4AYU
True.
Explanation of Solution
Given information:
A statement is given as -
"The amount charged for the use of principal for a given period of time is called the rate of interest.”
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, denoted 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, given statement is true.
Chapter A Solutions
Precalculus
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