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What is the typical relationship between time and interest rate everfi?

Theresa Perry

in Business

1 answer

1 answer

Bethany Evans on January 10, 2019

The interest rate is directly proportional to the time. An interest rate is the amount of money due per period or a proportion of the amount borrowed or deposited. The total interest depends on the principal sum and the length of time during which it is borrowed or deposited. Therefore, the value of money will depend on the interest rate, and time. The longest time of the debt or a bank deposit, the higher interest rate.

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