What is the difference between the amount due when a loan reaches maturity and the amount of the loan called?
What is the difference between the amount due when a loan reaches maturity and the amount of the loan called? I need a three letter word for it =/.
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Answer by Gary
If you are talking about borrowing an amount and paying it off in one lump sum at the end of the loan term plus interest, then the difference between the "amount of the loan" (called Principal) and the "amount due" at maturity is called the finance charge - I don't know of a three-letter acronym for this.
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