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Grace got a loan of $500 from her bank, and she had to repay it with $550. Which term describes the extra money Grace had to pay?
A. principal
B. Interest
C. annual percentage rate

Answer :

floppylxbes
B. Interest 
Because the bank has to charge a certain amount for loaning out the money
reurisoneco

Answer:

Letter B. Interest.

Explanation:

Interest is the reward paid to deficits by surpluses. That is, it is the income that is charged to borrow money. Thus, the extra money of $ 50 is the interest that Greece should pay for loans to those who save (surpluses), that is, those who postpone consumption.

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