![]() Loan Amount:Also known as the loan principal, this is the amount you’re borrowing. ![]() Knowing common loan terminology also gives you a clear picture of how much a loan will cost you in the long run. When borrowing money, it’s essential to understand the terms a lender will use so you have a clear idea of what you’re borrowing and what your repayment responsibilities are. If you prepay the loan, you’ll end up paying less interest over time and are likely to finish paying it off before the end of the term. Several factors can change your monthly payment amount. ![]()
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