Question

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How much interest do borrowers have to pay?​

Answer 1

Approximately 15%

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Answer 2

Answer:

The interest rate is expressed as a percentage of the total amount owed to the lender.

Explanation:

When you deposit money with a bank, it is used to make loans to other clients. The bank pays you interest in exchange for using your money. Similarly, when you pay for anything with a credit card, you pay interest to the credit card company for using the money you paid for it. Interest is money paid to a lender in exchange for the right to utilise the money. The interest rate is expressed as a percentage of the total amount owed to the lender.