Question

Define the term credit.

Answer 1

Answer:

Credit is generally defined as an agreement between a lender and a borrower, who promises to repay the lender at a later date—generally with interest.

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Answer 2

Answer:

Explanation:

Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future, 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.