True or false: interest in everyday life

Exercise and reference answers

Questions

1. Statement is true

   Yes

   Statement

   Banks pay interest on money kept with them.

2. Statement is true

   Yes

   Statement

   Post offices also pay interest on deposits.

3. Statement is true

   Yes

   Statement

   People pay interest when they borrow.

4. Statement is true

   No

   Statement

   Interest is charged only on loans, never paid on savings.

5. Statement is true

   Yes

   Statement

   The rate is usually stated for one year.

Explanation