a place in a bank where money is put
Some people save money by placing it into a savings account.
bank
a place where money is received, given, and held
This is because 5% of $100 is $5 and so the bank gives you an extra $5 for keeping your money with them.
below
lower down
The chart below shows an example of changing interest rates.
borrow
to take with the promise to return the same
Interest is a fee paid by a borrower of money to the lender of money and the interest is charged at a set rate.
chart
a diagram giving graphical information
The chart below shows an example of changing interest rates.
fee
a payment for a service
Interest is a fee paid by a borrower of money to the lender of money.
few
not many but more than one
Interest rates are generally set by a country’s government and normally, they are just a few percent.
interest
a fee paid to a lender from a borrower
Because the bank is using some of your money, it pays you back by giving you interest.
lend
to give something on condition that it be returned
Interest is a fee paid by a borrower of money to the lender of money and the interest is charged at a set rate.
lesson
a course of study
One lesson involved in handling money is learning how to save it.
lower
to reduce in amount
However, during a recession, the government may lower interest rates.
pay back
to repay
The bank pays back your money by giving you interest.
percentage
a proportion of a whole thing
This is the interest rate and it’s a percentage of the total amount borrowed.
recession
a time when the economy is doing poorly
However, during a recession, the government may lower interest rates.
savings
sums of money laid away for future use
Some people save money by placing it into a savings account.
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