ENTREPRENEURIAL FINANCE
SOURCES OF FUNDING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A bank loan is?
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Money borrowed from the bank
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Money borrowed for a specific purpose and usually paid back in installments
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Money borrowed for a specific purpose, usually paid for in installments with interest.
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None of the above
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Explanation:
Detailed explanation-1: -loan noun (SUM) an amount of money that is borrowed, often from a bank, and has to be paid back, usually together with an extra amount of money that you have to pay as a charge for borrowing: She’s trying to get a $50, 000 loan to start her own business.
Detailed explanation-2: -The principal–the money that you borrow. The interest–this is like paying rent on the money you borrow.
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