PLEASE HELP NOW!!! Why is a higher interest rate important when saving money?

A.) It means the person will owe the bank less over time.
B.) It grows savings at a faster pace.
C.) It pays interest on principal and interest.
D.) It requires a lower amount be deposited each month.

PLEASE HELP!!!

Question

mtindall2016 mtindall2016

09-02-2021
Business

contestada

PLEASE HELP NOW!!! Why is a higher interest rate important when saving money?

A.) It means the person will owe the bank less over time.
B.) It grows savings at a faster pace.
C.) It pays interest on principal and interest.
D.) It requires a lower amount be deposited each month.

PLEASE HELP!!!

Respuesta :

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maceysabedra maceysabedra · Answer 1 · 2021-02-09T18:55:39+01:00

B.) It grows savings at a faster pace.

The interest rate determines how much money a bank pays you to keep your funds on deposit. Suppose you deposit $5,000 into a savings account, don’t deposit or withdraw any more money and the interest rate doesn’t change. If the account has a 1.00% interest rate and the interest compounds annually—that is, the bank pays you interest on your balance once each year—you’ll earn $50 after the first year. -Discover.com

itachiuchiha10111 itachiuchiha10111 · Answer 2 · 2022-03-06T00:52:31+01:00

itachiuchiha10111 itachiuchiha10111

06-03-2022

Answer:

B.) It grows savings at a faster pace.

Explanation:

Answer Link

PLEASE HELP NOW!!! Why is a higher interest rate important when saving money? A.) It means the person will owe the bank less over time. B.) It grows savings at a faster pace. C.) It pays interest on principal and interest. D.) It requires a lower amount be deposited each month. PLEASE HELP!!!

Respuesta :

Otras preguntas

PLEASE HELP NOW!!! Why is a higher interest rate important when saving money?

A.) It means the person will owe the bank less over time.
B.) It grows savings at a faster pace.
C.) It pays interest on principal and interest.
D.) It requires a lower amount be deposited each month.

PLEASE HELP!!!