Social Sciences, asked by nikishah96, 1 year ago

define credit and borrower


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Answered by Anonymous
35
☺✌heya mate here is your answer. ☺✌

✔credit - the ability of customer to obtain goods or services before payment , based on the trust that payment will be made in future

✔borrower - A person or organisation that takes and uses something belonging to someone else with the intention of returning it

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Answered by anchal2002
6
What is Credit

Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some later date with consideration, generally with interest. Credit also refers to an accounting entry that either decreases assets or increases liabilities and equity on the company's balance sheet. 

Borrower. A person or company that has received money from another party with the agreement that the money will be repaid. Most borrowers borrow at interest, meaning they pay a certain percentage of the principal amount to the lender as compensation for borrowing.
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