Examlex
Which of the following statements is not true in traditional societies?
Interest
The cost of borrowing money or the payment received for lending money, usually expressed as an annual percentage of the principal amount.
Simple Interest
A way of calculating interest where the interest charge is based on the original principal only and does not compound.
Repaid
The action of paying back borrowed money to a lender, either in installments or as a lump sum.
Loans
Sums of money borrowed that are expected to be paid back with interest, often under agreed-upon terms between lenders and borrowers.
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