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Which refers to the predetermined amount an individual must pay for the use of borrowed money?
The predetermined amount an individual must pay for the use of borrowed money is called interest.
Which term refers to the predetermined amount an individual must pay for the use of borrowed money?
The predetermined amount an individual must pay for the use of borrowed money is called interest.
What refers to the original amount of the money that was borrowed on a loan?
The original amount of money borrowed on a loan is referred to as the "principal." This is the initial sum that the borrower receives and is obligated to repay, excluding any interest or fees. The principal amount is the basis for calculating interest over the life of the loan.
The amount of money you borrowed is called the what?
The original amount of money borrowed is known as the principal.
What refers to the original amount of money borrowed?
The original amount of money borrowed is known as the principal.
Can you explain what a credit access line is?
A credit access line is a predetermined amount of money that a lender is willing to lend to a borrower. This line of credit allows the borrower to access funds up to the specified limit as needed, similar to a credit card.
Why borrowers considered as the slaves of the lenders?
Because - the borrower is 'in debt' to the lender until the borrower either returns the object (or money) borrowed.
Can you explain what the term "credit access line" means?
A credit access line is a predetermined amount of money that a borrower can access from a line of credit, similar to a credit card. This line of credit allows the borrower to borrow money up to the specified limit, and they can use and repay the funds as needed.
What is loan?
Loan is an amount of money advanced to a borrower, to be repaid at a later date, usually with interest. legally, a loan is a contrat between a buyer (the borrower) and a seller (the lender), enforceable under the Uniform Commercial Code in most states. The terms and conditions for repayment of a loan, including the finance charge or interest rate, are specified in a loan agreement. a loan may be payable on demand (a Demand Loan), in equal monthly installments (an installments loan) It is also define as when a lender gives money or property to a borrower, and the borrower agrees to return the property or repay the borrowed money, along with interest, at a predetermined date in the furture.
What is a borrowee?
A borrowee is an individual or a company that borrows money from a borrower, though this term is not correct. The grammatically correct term is borrowed.ex: XYZ lent money to ABC. XYZ sued the borrowed because it was not receiving its capital back.Although a word 'borrowee' is not a correct term, it is sometimes used in financial world of business to describe an entity that an individual or an institution has 'borrowed' money from, NOT the one borrowing who is the 'borrower.'example:A 'borrower,' out of desperation, 'borrowed' money from a 'borrowee' with high interest rate and caused himself to fall into deeper financial trouble.Also, 'borrowed' is not grammatically correct term of either a 'borrowee' or a 'borrower,' but is only a past form of a verb, 'borrow.'
If lender mistakenly signs over auto title to borrower and borrower sales title who is libel?
A borrower should not have a title in their possession that they have borrowed money against. This belongs with the lender. Should the borrower sell the car, they would be libel.
What is a Open end loan?
LOAN GIVEN IN AN AGREED TO AMOUNT WHICH CAN BE BORROWED LATER FOR ANY AND ALL OF AMOUNT UP TO THAT AGREED UPON AMOUNT AS IT HAS BEEN PAID. 1-Is a mortgage that allows the borrower to borrow additional money without rewriting the mortgage.
