Final answer:
The billing for the Empower Plus Loan is based on the loan amount, interest rate, and repayment term. The borrower makes regular monthly payments based on an amortization schedule.
Step-by-step explanation:
The billing for the Empower Plus Loan is based on the loan amount, the interest rate, and the repayment term. The borrower is typically required to make regular monthly payments to repay the loan. The monthly payment amount is calculated using an amortization schedule, which shows how much of the payment goes towards interest and how much goes towards reducing the principal balance. The borrower can also choose to make additional payments or pay off the loan early to save on interest costs.