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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
What is the smallest amount you must pay each month on a loan called?
The smallest amount you must pay each month on a loan is called the minimum monthly payment. This amount typically covers the interest on the loan and a portion of the principal, ensuring that the loan is repaid over time. Failing to make this payment can result in penalties or negative impacts on your credit score.
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
What is the smallest amount you must pay each month on a loan called?
The smallest amount you must pay each month on a loan is called the minimum monthly payment. This amount typically covers the interest on the loan and a portion of the principal, ensuring that the loan is repaid over time. Failing to make this payment can result in penalties or negative impacts on your credit score.
What is the ratio of loan balance to loan amount for this particular loan?
The ratio of loan balance to loan amount for this specific loan is 0.75.
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 is the term for the original amount of money borrowed from a loan?
The term for the original amount of money borrowed from a loan is called the "principal." This is the initial sum that the borrower agrees to repay, excluding any interest or fees. The principal amount is crucial in determining the total repayment amount over the life 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.
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.
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.
