An amount of money that is borrowed with the understanding that the borrower needs to repay the loan to the lender in the future by the end of a period of time that is called the term of the loan. How...An amount of money that is borrowed with the understanding that the borrower needs to repay the loan to the lender in the future by the end of a period of time that is called the term of the loan. However there are also loans that can be repaid as a single sum at the end of the term of the loan, with interest paid either periodically over the term or in a lump sum at the end of the loan or as a discount at the start of the loan.
