describe the effect on the cost of the loan if the monthly service fee is removed?
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Principal and Interest
“Principal” is the amount you are borrowing, and “interest” is the percentage of that amount that you're charged for the privilege. Interest rates are important because, other than the amount you are borrowing, nothing else will have as large an impact on your payments.
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Explanation:
The term bank fees refers to any charges imposed by financial institutions on their personal and business customers for account set-up, maintenance, and minor transactional services. These fees may be charged on a one-time or ongoing basis. Examples of bank fees range from account maintenance charges, withdrawal and transfer fees, automated teller machine (ATM) fees, non-sufficient fund (NSF) fees, late payment charges, and others.
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