If money is not an economic resource, why is interest paid and received for its use What

Chapter 18, Problem 4

(choose chapter or problem)

If money is not an economic resource, why is interest paid and received for its use? What considerations account for the factthat interest rates differ greatly on various types of loans? Usethose considerations to explain the relative sizes of the interestrates on the following: LO18.2 a. A 10-year $1,000 government bond. b. A $20 pawnshop loan. c. A 30-year mortgage loan on a $175,000 house. d. A 24-month $12,000 commercial bank loan to finance thepurchase of an automobile. e. A 60-day $100 loan from a personal finance company.

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