Home owner s insurance is required by the Bank of Knab, for instance, when you take out a mortgage. Auto insurance works the same way and is required on most planets. Income tax is a percentage of your income and the money is needed to run the government and pay for public goods and services like highways and national parks. The amount of money a bank pays you in return for keeping your money in an account at the bank. Interest is also the amount of money a bank charges you to borrow money.
Interest is expressed in percentages.
A planet 999 light years from Earth. The very friendly inhabitants of Knab, known as Knabians, emit a foul smell and leave a slippery slime trail behind them as they move about the planet. Many things on Knab, including their system of money, work, housing, vacation and transportation are remarkably similar to Earth's. The process in which the bank decides if you will receive a loan you have applied for. One important factor in being approved for a loan is if you have paid loans and bills on time in the past.