Social Sciences, asked by bhumikaingle321, 5 months ago

why are terms and conditions like interest rate,time period, guarantee,mortgage etc necessary for giving a loan ? Explain with an example for each condition.​

Answers

Answered by jaimatadi22
10

A monthly loan payment reflects the interest and principal of the loan spread out over the loan term. When selecting a longer term loan, the monthly payment id reduced. However, more interest will be

paid over the life of the loan.

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