The Principal of a Loan Does Not Include Any Interest

question 77

True/False

The principal of a loan does not include any interest charges.

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Definitions:

Reverse-Engineers

The process of analyzing a product's system, component, or module to determine how it operates in order to replicate or enhance the object.

Breach of Contract

A violation of any of the agreed-upon terms and conditions of a binding contract without a legitimate legal excuse.

Legally Binding

Describes agreements or contracts that are enforceable by law, where parties are obligated to fulfill their terms.

Express Written Contract

A contract that is explicitly set down in writing and signed by the parties involved, detailing the terms and conditions.