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Borrowers know more about their abilities to repay loans than the banks do.This is a situation of
Asset
An item of value owned by an individual or corporation that is expected to provide future economic benefits.
Adjusting Entry
A journal entry made in accounting records to update the book values of certain assets or liabilities to their correct amounts.
Principal
The original sum of money borrowed in a loan or the initial amount of investment before any earnings or interest is added.
Interest
The charge for borrowing money or the compensation paid to a lender by a borrower for the use of borrowed funds.
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