COUNSELOR: Musashi, I understand that you need additional aid to pay for your higher education and that your parents are willing to help you. They can apply for a loan. MUSASHI: I'm so relieved to hear that. I have a but it just isn't enough. COUNSELOR: Mr. and Mrs. Yamato, let's review a couple of the loan's terms that are different from those of Musashi's loan. First, you be subject to And, the interest rate on your loan than Musashi's will be MRS YAMATO: That's okay. We're willing to accept those terms, not only because we want our son to concentrate on his studies rather than pet another job, but also because we like knowing that the borrowing limit is instead of COUNSELON: Good. Then let's talk about paying back the loan. Are you aware of the general terms regarding interest and timing of repayment? MR. YAMATO: Yes Interest will start to accrue We'll most likely be expected to begin repaving Credit can be great to have. In some situations, having credit can even help you achieve some financial goals, but only as long as you Consumer loans can be part of your credit management program. Identify characteristics of a consumer loan in the following list. Check all that apply. Has a specific repayment schedule for a defined period of time and a defined amount Used to pay for comparatively expensive and infrequent purchases Can be used repeatedly as long as it is not canceled Is informally arranged