Journal Prompt 10/16
- Due Oct 17, 2020 by 11:59am
- Points 100
- Submitting a text entry box
- Available Oct 16, 2020 at 8am - Oct 17, 2020 at 11:59am
Financial Friday- Credit
Credit is important part of finance and the economy. The ability to pay for goods and services at a later date in future allows for commerce to grow at a faster pace. When credit is used there is usually interest attached. What was borrowed is called the principle and interest is the fee or "cost" to borrow. Banks express interest as a percentage rate to make the transaction easier to record. Imagine you could provide a good or service. Discuss what that would be and criteria(guidelines) for allowing those items to be used on credit instead of COD(Cash on Delivery). And what penalties would you have for people who did not follow your criteria? Explain.
****A cash-strapped Continental Congress accepted loans from France. In order to pay for its significant expenditures during the Revolution
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