Question

Witch best describes how banks attract consumers who want to save their money

A. They offer competitive interest rates to consumers depositing money.

B. They only provide loans to consumers who have deposited money.

C. They provide debit cards to consumers who deposit money.

D. They guarantee a percentage of each loan made to every consumer.

Answer 1

Answer: by offering competitive interest rates to consumers depositing money.

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Answer 2

Banks attract consumers who want to save their money A. They offer competitive interest rates to consumers depositing money.

Competitive interest rates means rates of interest for loans with similar terms charged by private lending institutions in the same area to borrowers of equivalent creditworthiness and access to alternative credit.

Why is it important to know what the interest is?

Higher interest rates are often an incentive for individuals to save and invest, in order to take advantage of the greater amount of interest to be earned. As a lender or borrower, it is important to understand how changing interest rates may affect your saving or borrowing habits.

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