Which of these scenarios describes the COST of credit? Question 9 options: paying more for an item than its original cost paying for a semester at college buying a safer vehicle

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Social Studies

Giovanni Estrada

13 August, 13:52

Which of these scenarios describes the COST of credit? Question 9 options: paying more for an item than its original cost paying for a semester at college buying a safer vehicle

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Kayleigh · Answer 1

The correct answer is "C) paying more than its original".

The cost of credit is also known as the interest is generated for paying the borrowed amount of money in a given period of time.

Interest is the value of money in time. An interest rate is a rate at which the interest grows throughout time.

Once you end up paying the credit. You will have ended up paying the original amount you borrowed plus the interest.