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:
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