Question

A fee banks charge in exchange for borrowing money is called

Answer 1

The correct answer is: "interest"

The interest rate is the price established by the banks and other lending institutions in exchange for lending money to economic agents. It is usually expressed as a percentage and it is applied to the total amount lent, also denominated the principal of the loan.

Economic agents that borrow funds, at the end of the transaction, will have to return the principal of the loan (the total amount borrowed) plus the total interest payment.

Answer 2

A fee banks charge in exchange for borrowing money is called interest

What is a fee banks charge in exchange for borrowing money?

Generally, when a bank borrows out money to an entity or a group it usually comes with a  relatively significant amount of money to be paid by the 2nd party upon the payback of the loan

Interest: This is defined as the extra fee received on the unpaid credit of the loan.

For more information on  Bank

https://brainly.com/question/4074386