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Conduct online research and find three different types of loans that are available to consumers. For each loan, describe its features and benefits

along with the costs and risks of the loan. Fill out the table using the information you gathered.
Loan 1
Loan 2
Loan 3
Type of loan
Features/benefits
Costs
Risks

Conduct online research and find three different types of loans that are available-example-1
User Hewa Jalal
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2 Answers

4 votes

Answer:

Type of loan credit card unsecured loan retail financing

Features/benefits miles toward travel; no fixed maturity date no collateral is necessary; no fixed maturity date no payment due for the first six months

Costs interest rate of 11 percent interest rate of 10 percent interest rate of 17 percent

Risks can rack up debt quickly; penalties for late or missed payments relatively little risk to the consumer must be paid off in five years , the minimum payments with interest are extremely high

Explanation:PLATO ANSWER

Credit card info is underlines

Unsecured loan is bold

retail financing is in italics

User Johan Berg Nilsson
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2 votes

Answer:

Loan 1: Personal loan

Features/Benefits:

Flexibility and versatility.

Lower interest rates and higher borrowing limits.

No collateral requirement.

Costs:

costs are typically between 2 percent and 5 percent of the loan amount

Risks:

Ruining your credit if you can't pay the loan.

Getting stuck with a high APR.

Paying fees to borrow (and pay back) money.

Taking on unnecessary debt.

Loan 2: Student loan

Features/Benefits:

No credit history needed.

No co-signer needed.

Fixed interest rates.

Costs:

You would owe close to $30,000 on average.

RIsks:

you won't finish the degree program for which you are taking the loan

Uncomfortably large debts

Loan 3: Mortgage loan

Features/Benefits:

You continue to remain the legal owner of your property while you use the funds from the loan to fulfil your needs.

Mortgage loans are easily approved since they are secured loans.

The interest you pay on a mortgage loan is much lower than that of a personal loan.

Costs:

Principal. This is the money you borrowed and have to pay back. ...

Interest. This is the primary cost of borrowing money, but not the only one.

Mortgage insurance.

Risks:

interest rate risk

default risk

prepayment risk

Step-by-step explanation:

I looked all of this up. No the Plato answer

User Anil Jadhav
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