30 Apr Question: *”Interest is the price one pays to have something now.” It is related to a person’s level of pat…
*”Interest is the price one pays to have something now.” It is related to a person’s level of patience. An impatient person is willing to pay a higher rate of interest to have something now.
*”The Theory of Interest,” Irving Fisher, Yale University
Assume that you want to buy a car that costs $28000. You don’t have the money to pay cash so you must borrow it from a bank. The bank will charge you interest on the loan, right?
Assume that you have $28000 in an account in a bank. You decide to use your own money to buy the car. You withdraw the $28000 from the bank. What are you giving up to have the car now? Interest!
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