Class 4 Exam > Class 4 Videos > Mathematics for Class 4: NCERT > What is Loan and Rate of Interest?
What is Loan and Rate of Interest? Video Lecture | Mathematics for Class 4: NCERT
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FAQs on What is Loan and Rate of Interest? Video Lecture - Mathematics for Class 4: NCERT
| 1. What is a loan? |  |
Ans. A loan is a sum of money borrowed from a lender, which is usually a bank or financial institution. The borrower is expected to repay the loan amount along with an additional charge called interest over a specified period of time.
| 2. What is the rate of interest? | |
Ans. The rate of interest is the percentage of the loan amount that the borrower needs to pay as an additional charge for borrowing the money. It is calculated annually and is usually mentioned as an annual percentage rate (APR).
| 3. How is the rate of interest determined for a loan? | |
Ans. The rate of interest for a loan is determined by various factors such as the borrower's credit history, the type of loan, the loan amount, market conditions, and the lender's policies. Lenders assess the risk associated with lending to an individual or business and set the interest rate accordingly.
| 4. What are the different types of loans available? | |
Ans. There are various types of loans available, including personal loans, home loans, car loans, education loans, and business loans. Each type of loan has specific terms and conditions, interest rates, and repayment periods tailored to meet the needs of the borrower.
| 5. How does the interest rate affect the total cost of a loan? | |
Ans. The interest rate directly impacts the total cost of a loan. A higher interest rate means higher monthly payments and a higher overall repayment amount. On the other hand, a lower interest rate reduces the total cost of the loan as the borrower pays less in interest over the loan term. It is essential to compare interest rates before taking a loan to minimize the cost of borrowing.
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Oct 23, 2024 Last updated |
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