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Sagot :
A loan applicant has an annual gross income of $76,000. a lender allows the applicant to pay for monthly housing expense to qualify for a loan if the lender uses an income ratio of 30% is $1,900:
76,000 x .3 = 22,800
22,800/12 = 1,900
A loan is the lending of money by one or more people, businesses, or other entities to other people, businesses, or other entities. The recipient, or borrower, incurs a debt and is often responsible for both the main amount borrowed as well as interest payments on the debt until it is repaid.
The promissory note used to prove the obligation will typically include information like the principal amount borrowed, the interest rate the lender is charging, and the due date for repayment. When a loan is made, the subject asset(s) are temporarily reallocated between the lender and the borrower.
The payment of interest encourages the lender to make the loan. Each of these obligations and limitations in a legal loan is enforced by contract, which may also subject the borrower to additional limitations known as loan covenants. Despite the fact that this article concentrates on financial loans, practically any tangible asset could be lent.
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