A(n) is a financial instrument that obligates a borrower to repay money with interest to a lender (which may be a government municipality or corporation).

A(n) is a financial instrument that obligates a borrower to repay money with interest to a lender (which may be a government municipality or corporation).

Refers to a lump sum of money that a borrower borrows from a bank and agrees to repay over a specific period of time.

If the borrower and lender agree to a loan at 8% when the inflation rate 3%, then 8% is the ________ interest rate and 5% is the _________ interest rate.

A money lender finds that due to fall in the annual rate of interest 8% to 734%, his yearly income diminishes by 61.50. His capital is?

Credit life insurance is used to repay a personal debt should the borrower die before doing so.Group of answer choicesTrueFalse