Money borrowed from a bank or investor that must be paid back with interest. The Phillies borrowed $20 million from Citizens Bank to buy a jet airplane to fly the players to away games. This debt, plus 10 percent interest, is scheduled to be paid back to the bank in three years.
Related Articles:
- Tire-Inspired Footwear that Is Helping the Planet and Empowering India’s Small-scale Cobblers
- Prof. Michael Roberts Wants Global Youth Students to Discover the 'Elegant Simplicity' of Finance
- A High School Educator’s Experience Co-teaching a Remote College Course
- A First Visit to the Wharton School: ‘Put Their Feet Where You Want Them to Go’
- Where Money Comes From: How Collecting Coins Helps Trim the National DebtEver wonder where the change in your pocket comes from? The U.S. Mint, Federal Reserve and your local bank are all involved in the process. And the U.S. government actually makes money from making money – who knew that a quarter only costs 12.78¢ to make? Chris Donato, a teen from upstate New York, has all these facts and more at his fingertips – along with a lot of coins – as a 2011 Young Numismatist of the Year.