Math  /  Numbers & Operations

QuestionInterest rate is a percentage periodically applied to a sum of money to determine the amount of interest to be added to that sum
Select one: True False

Studdy Solution
Evaluate the statement:
The statement given is: "Interest rate is a percentage periodically applied to a sum of money to determine the amount of interest to be added to that sum."
Compare this statement with the definition understood in STEP_1. The statement accurately describes an interest rate.
The correct selection for the statement is:
True\boxed{\text{True}}

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