Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated.
Understand the Problem
The question is asking for the term that defines the time frame during which a loan agreement is active and subject to repayment or renegotiation. It presents two multiple-choice answers related to loans.
Answer
Loan term
The time frame within which the loan agreement is valid, and during or before its expiration the loan should be repaid or renegotiated, is known as the 'loan term'.
Answer for screen readers
The time frame within which the loan agreement is valid, and during or before its expiration the loan should be repaid or renegotiated, is known as the 'loan term'.
More Information
The loan term is a critical component in loan agreements, determining how long a borrower has to fulfil the obligations of the loan.
Sources
- Ch. 4 Vocabulary - Quia - quia.com
- Unit 2: Credit & Debt - Quia - quia.com
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