Define a loan in economic
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A loan is when money is given to another party in exchange for repayment of the loan principal amount plus interest Lone term are agreed to by each party before any money is advanced a loan may be secured as collateral such as a mortgage or it may be unsecured such as a credit card.
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A loan is when money is given to another party in exchange for repayment of the loan principal amount plus interest Lone term are agreed to by each party before any money is advanced a loan may be secured as collateral such as a mortgage or it may be unsecured such as a credit card.
hope it helps you
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