Question

What is a loan? 100 points

Answer 1

Hii

Step-by-step explanation:

A loan is when money is given to another party in exchange for repayment of the loan principal amount plus interest. Loan terms are agreed to by each party before any money is advanced. A loan may be secured by collateral such as a mortgage or it may be unsecured such as a credit card.

Hope it helps :)

Answer 2

Loan simply means borrowing from someone .

• In technical language it is given by a bank with simple interest.
• Like I loaned 3400$ from XYZ bank .