Answer:
The term that describes or states the extra amount of money is the Interest.
Explanation:
As Grace took a loan which amounts to $500 from the bank and bank provides the loan to the customer but they charge interest on the loan amount. So, in this case, the Grace took $500 from bank and in turn will pay the bank amount of $550. Therefore, the $50 amount is the interest which the bank charged from Grace for the period it has money with him.
Answer: $1,955
Explanation:
First remove the deductible of $800 from the amount:
= 3,100 - 800
= $2,300
The Insurance company will then pay 85% of this amount:
= 85% * 2,300
= $1,955
