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PLEASE HELP NOW!!! Why is a higher interest rate important when saving money? A.) It means the person will owe the bank less over time. B.) It grows savings at a faster pace. C.) It pays interest on principal
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PLEASE HELP NOW!!! Why is a higher interest rate important when saving money?

A.) It means the person will owe the bank less over time.
B.) It grows savings at a faster pace.
C.) It pays interest on principal and interest.
D.) It requires a lower amount be deposited each month.

PLEASE HELP!!!

User CSharpNoob
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2 Answers

7 votes

Answer:

B.) It grows savings at a faster pace.

Step-by-step explanation:

User Krishnaji
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B.) It grows savings at a faster pace.

The interest rate determines how much money a bank pays you to keep your funds on deposit. Suppose you deposit $5,000 into a savings account, don’t deposit or withdraw any more money and the interest rate doesn’t change. If the account has a 1.00% interest rate and the interest compounds annually—that is, the bank pays you interest on your balance once each year—you’ll earn $50 after the first year. -Discover.com
User Steamboy
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