Examlex
Which of the following statements about EDI is not true?
Interest Rate
The fee levied by a lender on a borrower for asset utilization, calculated as a percentage of the principal value.
Compounded Monthly
A method of calculating interest where the interest earned each month is added to the principal, so that the balance doesn't merely grow, it grows at an increasing rate.
Loan Payments
Regular payments made to repay borrowed money, including both principal and interest components.
Loan Papers
Documents associated with a loan, including the agreement, terms and conditions, and any collateral-related paperwork.
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