In Determining the Amount of Your Loan, You Should Ask

question 102

True/False

In determining the amount of your loan, you should ask for about 20% more than you need in order to give yourself financial flexibility in the future.

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Definitions:

Effect

The result or outcome of a particular cause or action.

Fraudulent Misrepresentation

The act of deliberately misleading or deceiving another party with false statements or information, leading to their detriment on reliance of such misrepresentation.

Economic Duress

A situation where one party is forced into a contract or agreement under threats, making the consent given not truly voluntary.

Net Average Annual Profit

The average profit of a business over a specified period, after all expenses, taxes, and costs have been deducted.