Provide an Appropriate Response

question 8

Multiple Choice

Provide an appropriate response.
-For any loan, the ______ is the amount of money owed at any particular time.

• A)installment
• B)interest
• C)principal
• D)None of the above

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Definitions:

Ratification

The act of formally approving an agreement or contract, making it officially valid.

Disaffirmance

The right for minors to avoid contracts as a means of protecting against their own improvidence and against overreaching by adults.

Majority

Indicates more than half of a particular group or quantity, often used to describe the greater part of a total number.

Disaffirm

To assert the invalidity of; often related to contracts or agreements, indicating a refusal to recognize them as binding.