Discuss that interest is the price the borrower pays for using someone else’s money.
Explain the reason why, when a person borrows $100 to buy a new cell phone, he or she will have to pay back more than the $100 at a future date.
Subject Area: Social Studies
Strand: Financial Literacy (Adopted in 2023)
Date Adopted or Revised: 06/14
Status: State Board Approved