Question

In each situation, tell whether you would want a higher or lower interest rate. Explain your reasoning.

a. you borrow money

You would want a lower/higher interest rate because you would pay less/pay more/receive less/ receive more.

b. you open a savings account

You would want a lower/higher interest rate because you would pay less/pay more/receive less/ receive more.

Answer 1

Explanation:

a. you borrow money

You would want a lower interest rate because you would pay less

b. you open a savings account

You would want a higher interest rate because you would receive more.