Final answer:
Interest is the fee charged for the use of money, and a rise in supply of money usually leads to lower interest rates and increases the quantity of loans available. Interest rates on financial aid are a quantitative continuous variable.(Option a)
Step-by-step explanation:
The term interest is defined as a fee charged for the use of money. Therefore, the correct answer to the question 'Which term is defined as a fee charged for the use of money?' is A. interest.
In regards to changes in the financial market:
- A rise in supply of money often leads to a decline in interest rates because when banks have more money to lend, the cost of borrowing (interest rates) typically decreases.
- An increase in the quantity of loans made and received could be a result of either a rise in demand for loans or a rise in supply of money; however, a rise in supply tends to make loans more readily available.
Finally, concerning the nature of interest rates charged on financial aid, they are regarded as quantitative continuous variables because they can take on a range of values and are measurable on a continuum.