Examlex
Which of the following would be taken by 17-year-old Kelly?
Amortization Period
The length of time it takes to pay off a loan or mortgage in full with regular payments that cover both principal and interest.
Compounded Monthly
A method of calculating interest where the interest earned each month is added to the principal, so the balance doesn't merely grow; it grows at an increasing rate.
Interest Rate
The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
Loan
Money that is borrowed, typically from a bank or financial institution, that is expected to be paid back with interest.
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