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Lera25 [3.4K]
3 years ago
14

When interested rates are high cost less money to borrow money true or false

Business
1 answer:
Andrei [34K]3 years ago
7 0

Answer:

That statements is false

Explanation:

When you borrow money, interest represent the additional amount that you need to give back to the creditor. For example let's say that you borrow $1,000 with 10% interest rate per year. After one year, you need to pay back the loan with additional $100 ($1,000 x 10%) for the creditor.

This means that when the interest rate is high, it will cost you more to borrow money.

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