ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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service
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loan
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consumer
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economy
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Detailed explanation-1: -The term loan refers to a type of credit vehicle in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount. In many cases, the lender also adds interest or finance charges to the principal value which the borrower must repay in addition to the principal balance.
Detailed explanation-2: -: to let out (money) for temporary use with the understanding that it will be paid back with interest. banks and other lending institutions. : to give usually for a time.
Detailed explanation-3: -A loan term is the length of time it will take for a loan to be completely paid off when the borrower is making regular payments. The time it takes to eliminate the debt is a loan’s term.
Detailed explanation-4: -Lending (also known as “financing") occurs when someone allows another person to borrow something. Money, property, or another asset is given by the lender to the borrower, with the expectation that the borrower will either return the asset or repay the lender.