SOCIAL STUDIES HIGH SCHOOL

Giving some money now and expecting to receive more money in return later is known as what

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Answer 1
Answer: Giving some money now and expecting to receive more money in return later, is known as a loan with interest payable on the loan. A loan is a debt provided by an organization or individual to another organization or individual. Interest is charged on the loan which acts as the payment for the loan from the lender to the entity that has provided the loan. Banks, credit agencies, cooperatives, and individuals can provide loans. Normally credit checks are performed on the person that has applied for the loan. The entity that provides the loan needs some form of guarantee that the loan amount will be repaid

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