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Chapter 5: Q. 3 (page 324)

The total amount borrowed ( whether by an individual from a bank in the form of a loan or by a bank from an individual in the form of a savings account) is called the _____.

Short Answer

Expert verified

The total amount borrowed is called the principal.

Step by step solution

01

Step 1. Given information

We have to find the term used for the total amount borrowed.

02

Step 2. Use the definition of Principal

The total amount borrowed ( whether by an individual from a bank in the form of a loan or by a bank from an individual in the form of a savings account) is called Principal.

The answer is Principal.

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