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The main loan amount is called the principle. The amount charged monthly for the loan is called interest.
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When a person borrows money what is the original amount of the loan called?
The original amount of the loan is called principal.
What is the outstanding balance on a loan called?
The amount of the loan is called the principal.
What word means money paid for a loan?
That is called interest, the main loan amount that you borrowed is called the principle.
The percentage of the original loan amount that is paid in interest is called?
Rate
Is the amount charged for use of bank's money is called interest?
Yes. The amount a bank charges you for using their money is called an interest. This facility wherein you get to use the banks money and repay them is called a Loan. The bank grants you a fixed amount as loan and you repay them every month along with an interest.
When a person borrows money what is the original amount of the loan called?
The original amount of the loan is called principal.
What is the outstanding balance on a loan called?
The amount of the loan is called the principal.
What word means money paid for a loan?
That is called interest, the main loan amount that you borrowed is called the principle.
When you apply for a loan at a bank What is the amount borrowed called?
Principal.
The percentage of the original loan amount that is paid in interest is called?
Rate
Is the amount charged for use of bank's money is called interest?
Yes. The amount a bank charges you for using their money is called an interest. This facility wherein you get to use the banks money and repay them is called a Loan. The bank grants you a fixed amount as loan and you repay them every month along with an interest.
What it is the amount of loan plus interest?
Typically, this is called "Principle and Interest" (or P&I). If the taxes and insurance is added to this, it is known as PITI. The actual amount depends on many factors, including the principle amount, the interest rate, and the length of the loan.
Is the amount of the loan plus the interest?
Typically, this is called "Principle and Interest" (or P&I). If the taxes and insurance is added to this, it is known as PITI. The actual amount depends on many factors, including the principle amount, the interest rate, and the length of the loan.
Letter of undertaking for acquiring a loan?
If you want a letter for acquiring a loan,, it's called a pre approval letter. It tells the buyer that you have been approved for a loan up to a certain amount.
What is uncollateralized loan?
a loan not backed by a co-signer who agrees to cover the amount of the loan a person loan without assets to cover the loan amount a home equity loan a loan tkaen on a life insurance policy
What is uncollateralized?
a loan not backed by a co-signer who agrees to cover the amount of the loan a person loan without assets to cover the loan amount a home equity loan a loan tkaen on a life insurance policy
What is the cost of a bank loan called?
Under FHA, the cost of a bank loan is called a MIP, or mortgage insurance premium. Some banks also call this the interest on the loan. A person borrows a certain amount from the bank and then pays a percentage on that money borrowed.
