Phil deposits his money in the bank and earns _. the bank uses part of phil's money to make _.

Question

asked Jul 9, 2018 95.1k views

2 Answers

Raelynn · Answer 1 · 2018-07-15T05:59:02+0000

Answer:

Deposite money = principle

earn profit=interest

bank use of deposite money to make loan.

Explanation:

Phil deposite money in the bank is called principle . Principle money is that money which is deposite by Phil in the bank .

Now earn money is that money which obtain profit on the deposite money is called Interest .

the bank uses this money which is deposite by Phil to make loans like as home loans , study loans etc.