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The function of money which facilitaes b...

The function of money which facilitaes borrowing and lending transactions

A

a store of value

B

a standard of deferred payments

C

a unit of account

D

a medium of exchange

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The correct Answer is:
B
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Functions Of Money

AMOUNT The total money which the borrower pays back to the lender at the end of the specified period is called the amount.

INTEREST The additional money paid by the borrower to the lender for having used his money is called the interest.

Rahul borrowed a sum of Rs 1150 from Amit at the simple interest rate of p.c.p.a. for 3 years. He then added some more money to the borrowed sum and lent it to Sachin for the same time at 9 p.c.p.a. simple interest. If Rahul gains Rs 274.95 by way of interest on borrowed sum as well as his own amount from the whole transaction, then what is the sum lent by him to Sachin? (a) Rs 1200 (b) Rs 1285 (c) Rs 1690 (d) Rs 1785

A borrowed Rs 830 from B at 12% S.l. for 3 years. He then added some more money to the borrowed sum and lend it to C for the same period at 14% p.a. rate of interest. If A gains Rs. 93.90 in the transaction, then the money he added from his side is:

The rate of interest on which commercial banks borrow money from RBI to meet their short term credit needs is known as:

Which one of the following is not a function of money?

The business of receiving deposits and lending money is carried out by ________