Question 1

What is currency exchange rate?

Accepted Answer

The exchange rate is the value of one currency in terms of another. Banks add a markup (1-3%) to the mid-market rate when converting currencies. Rates fluctuate constantly based on economic factors.

Question 2

What is principal and interest on a mortgage?

Accepted Answer

Principal is the amount you borrowed for your home, while interest is the cost of borrowing that money. Your monthly mortgage payment typically includes both. Early in the loan, most of your payment goes toward interest. Over time, more goes toward principal. This is called amortization. Property taxes and insurance may also be included in your payment.

Question 3

How often are bank statements issued?

Accepted Answer

Most banks issue statements monthly, but you can typically access your transaction history at any time through online banking. Some banks also offer quarterly statements or on-demand statement generation.

Question 4

Do checking accounts earn interest?

Accepted Answer

Some checking accounts earn interest, called interest-bearing checking accounts. However, rates are typically lower than savings accounts. Many standard checking accounts don't pay interest at all.

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Frequently Asked Questions

What is currency exchange rate?

What is principal and interest on a mortgage?

How often are bank statements issued?

Do checking accounts earn interest?

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