Question

What are the advantages of following a strict repayment schedule? Check all that apply.

1.It eliminates the need for secured credit.
2.It prevents additional fees from being charged.
3.It guarantees the borrower possible new loans.
4.It prevents some interest rate increases.
5.It shows that the borrower is responsible.

Answer 1

2,4,5

Step-by-step explanation:

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Answer 2

The correct answer are 2, 4 and 5.

Step-by-step explanation:

Repayment schedule is the schedule or the document which is in detail specifying the particular terms of the loan of borrower, like monthly payment, interest rate, due dates. The benefits or the advantage of the strict schedule of the repayment, prevent being charged from the additional or the extra fees, prevent from increasing the rate of interest and also shows or states that the borrower is responsible for this schedule.