select the correct answer. grace got a loan of $500 from her bank, and she had to repay it with $550. which…

select the correct answer. 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?\na. principal\nb. interest\nc. annual percentage rate

select the correct answer. 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?\na. principal\nb. interest\nc. annual percentage rate

Answer

Brief Explanations:

The principal is the initial amount of a loan. The annual - percentage rate is the interest rate per year. The extra money paid on top of the principal when repaying a loan is called interest. Grace borrowed $500 (principal) and repaid $550, so the extra $50 is interest.

Answer:

B. interest