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Knowledge Check
Interest can be viewed differently, depending on whether or you are the payer or the receiver. Can you define interest? Choose the correct definition below.

For Consideration:

Consider a choice between spending $100 or lending $100 to your brother. If you were to receive something in return for your loan, would you be more likely to lend money? Think about this:

You loaned your brother $100 AND asked for 10% interest on the loan. He has to pay you back in two months. How much would he owe you at the end of two months? Click here to compare your answer to ours.