How can the bank pay for the interest?
автор Jim at sonicchicken
Вопрос throwing up rainbow: How can the bank pay for the interest?Let’s say that I have $ 100 in my bank account, and the yearly interest is 5%. Which means that in two years, I will have $ 110. Am I correct? The question is, where does the extra $ 10 came from, and who pay for it? $ 10 doesn’t seem to be much, but when it comes to Bill Gates’s account; who pay for that money?
Answer by Joe C
The bank gives you the money into your account most likely and then you have to pay taxes on it. If it’s a small amount you don’t have to. Bill Gate’s wealth is mostly in his company and his stocks, not necessarily sitting in his checking or savings account. The thing is that if the bank is paying you 5% for your money, you can rest assured that when they are investing it they are getting more than that.
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