What are the key terms I should know before taking out a loan?
An example of an AI chatbot conversation about understanding loan terms and their implications.
What are the key terms I should know before taking out a loan?
It's important to understand terms like interest rate, principal, and loan term. Would you like to know more about any specific term?
Yes, can you explain what the interest rate means?
The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. It affects your monthly payments.
What about the principal?
The principal is the original amount of money you borrow, not including interest. It's the basis for calculating interest.
How does the loan term affect my payments?
The loan term is the length of time you have to repay the loan. A longer term usually means lower monthly payments but more interest paid overall.
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