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Question 5 of 10
The minimum monthly payment on a loan refers to:
O A. the minimum credit score that a person must have to get a loan.
B. the minimum payment that a borrower must make each month.
C. the minimum amount of purchases that a person can charge each
month.
D. the minimum interest rate that a lender charges each month.
SUBMIT
What’s the answer

Respuesta :

The minimum monthly payment on a loan refers to the minimum payment that a borrower must make each month.

Description of a lender and borrower

Imagine that Alex needs $10,000 but does not have the money. So, he approaches a bank to loan him the money. The bank tells Alex that he must make a minimum monthly payment.  In this case, Alex is the borrower and the bank is the lender.  

A borrower is a person who uses something or a resource that does not belong to him /her with the intention of returning it. The lender is the person that has the resources that he gives the borrower.

To learn more about loans, please check: https://brainly.com/question/24979363

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