A loan is the name given to a financial transaction in which one party (the lender) agrees to give another party (the borrower) a certain amount of money with the expectation of total repayment. Mostly the specific terms of a loan are spelled out in the form of a promissory note or other contract. It depends on the lender that he can ask for interest payments in addition to the original amount of the loan (principal). The borrower must have to…
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