Using the Five Criteria in the Book,explain How U

question 24

Essay

Using the five criteria in the book,explain how U.S.currency is suitable to use as a medium of exchange.

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Definitions:

Due Payment

The amount of money that is scheduled to be paid at a certain date as part of a financial obligation.

Delay Payment

The act of postponing a payment until a later time, often resulting in additional fees or interest.

Interest Rate

The percentage of a loan that comes with an interest charge to the borrower, often stated as an annual percentage of the loan balance.

Interest

The cost of borrowing money or the profit from lending it, typically expressed as an annual percentage of the principal.