goldengirl6855 goldengirl6855

31-03-2019
Business

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Why is there a difference between interest charged and interest earned? A)Banks are non-profit institutions.B)Banks are profit-making institutions.C)Banks must pay more than they receive.D)There is no difference between interest charged and interest earned.

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MrsSeifried MrsSeifried

31-03-2019

The correct answer is choice b.

Banks are profit-making institutions. Their purpose is to make a profit for their owners or stockholders. They need to charge more interest on the money that they loan out than what they pay on savings accounts so that there is a profit for them.

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