10
QuizMultiple Choice

Simple Interest — Quiz

Question 10 • Grade 7 Mathematics

Which term is a word for a fee that is paid for the use of another person’s money?

Answer
A
principal
B
interest
C
time
D
interest rate

Explanation

Interest is the fee paid for borrowing or using someone else’s money. The interest rate is the percentage used to calculate that fee, while principal is the original amount borrowed.

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