Examlex
Match each definition with the correct word part.
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Demand Loan
A type of loan where the lender can demand repayment at any time.
Simple Interest Rate
A fixed percentage of the principal amount that is paid as interest for the use of borrowed funds, calculated on an annual basis without compounding.
Final Payment
The last installment paid on a loan, completing the payback of the total borrowed amount and any accrued interest.
Student Loans
Funds lent to students to help cover the cost of post-secondary education, which typically have to be repaid after graduation.
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