Choose the appropriate option. Assertion (A) : Mode of repayment refers to method of repayment of loan. Reason (R) : Duration of loan refers to the time period within the borrower will return the loan to lender is decided. (a) Both A and R are true and R is the correct explanation of A. (b) Both A and R are true but R is not the correct explanation of A. (c) A is true but R is false. (d) A is false but R is true.
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(a) Both (A) and (R) are true and r is the correct explanation of A.
Mode of repayment refers to the method of repayment of loan. The act of settling a borrowed amount of money from the lender along with required amount of interest is called loan repayment. When any individual gets any type of credit. They need to return the specific amount within a fixed tenor. Failing to do so, borrowers also have to pay additional money which is generally known as the interest money. Depending upon the credit type, there are various ways of loan repayment methods.
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No I will not let you have any good answers haha
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