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Earn +20 ptsQ: How can interest earn you money and cost you money?
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Why should you deposit money in your bank?
You can earn interest.
Why do you earn more money using compound interest than you would using simple interest?
You earn more money using compound interest than simple interest because compound interest calculates interest on both the initial amount and the accumulated interest, leading to faster growth of your money over time.
How does bank earn money?
by making money on the interest that they charge on loans and credit products.
What is the cost of money?
Interest rate
Why does a high interest rate discourage people from holding their money in cash?
They can earn interest on the cash if it is invested.
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