If an Installment Loan Is Paid in Full Before the Maturity

question 28

True/False

If an installment loan is paid in full before the maturity date, the full amount of interest on the loan must still be paid.

---

Definitions:

Damages

Compensation sought or awarded in a lawsuit for harm or injury caused by the wrongdoings of another party.

Breach of Contract

The violation of any agreed-upon terms or conditions in a contract, which may result in legal consequences for the offending party.

Cover

A remedy in sales law allowing a buyer to purchase replacement goods if the seller fails to make delivery.

Specific Performance

A legal remedy where a court orders the party breaching a contract to perform the contract's specific duties rather than paying monetary damages.