question 1 (14.8 points) match the loan terms to the definitions. rate that does not change during the life…

question 1 (14.8 points) match the loan terms to the definitions. rate that does not change during the life of the loan the annual interest paid on the money that was borrowed loan where borrower pays a fixed amount per period until the loan is paid off how long the borrower has to pay the loan back 1. apr 2. fixed interest rate 3. installment loan 4. term

question 1 (14.8 points) match the loan terms to the definitions. rate that does not change during the life of the loan the annual interest paid on the money that was borrowed loan where borrower pays a fixed amount per period until the loan is paid off how long the borrower has to pay the loan back 1. apr 2. fixed interest rate 3. installment loan 4. term

Answer

Brief Explanations:

  1. A fixed - interest rate remains constant throughout the loan's life.
  2. APR (Annual Percentage Rate) is the annual interest on the borrowed amount.
  3. An installment loan requires fixed - amount payments per period until paid off.
  4. The term is the time duration the borrower has to repay the loan.

Answer:

  1. Fixed interest rate
  2. APR
  3. Installment loan
  4. Term