Types of Interest

A discounted interest rate lower than the lender's standard variable rate

A type of interest charged only on the initial amount of money borrowed

The interest rate charged on the principal amount and any accumulated interest

The rate of interest set by banks for their best customers (correct)

For long-term investments and savings accounts

For encouraging customers to borrow money from the bank

For a specific period of time as a promotional deal

For short-term loans such as personal loans, car loans, and mortgages (correct)

A type of interest set by banks for their best customers

Lower than a lender's standard variable rate

Charged on the principal amount and any accumulated interest (correct)

A type of interest charged only on the initial amount of money borrowed

<p>To encourage customers to borrow money or take out a loan with the bank</p> Signup and view all the answers

<p>Interest charged only on the principal or initial amount borrowed</p> Signup and view all the answers