BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An account that gains interest
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A sum of money, that is borrowed, which is expected to be paid back with interest
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A card that transfers money directly from your checking account
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A plan to deposit pay directly into your checking account
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Detailed explanation-1: -A loan is a sum of money that one or more individuals or companies borrow from banks or other financial institutions so as to financially manage planned or unplanned events. In doing so, the borrower incurs a debt, which he has to pay back with interest and within a given period of time.
Detailed explanation-2: -Loan is the money you receive from a bank or financial institution in exchange for a commitment to repay the borrowed amount with interest.
Detailed explanation-3: -A loan is a form of debt incurred by an individual or other entity. The lender-usually a corporation, financial institution, or government-advances a sum of money to the borrower. In return, the borrower agrees to a certain set of terms including any finance charges, interest, repayment date, and other conditions.
Detailed explanation-4: -There are two main parts of a loan: The principal–the money that you borrow. The interest–this is like paying rent on the money you borrow.
Detailed explanation-5: -The fee to borrow money is called interest.