An arrangement in which alendergivesmoneyorpropertyto aborrower, and the borroweragreestoreturnthe property orrepaythe money, usually alongwith interest, at somefuturepoint(s) in time. Usually, there is a predetermined time for repaying a loan, and generally the lender has tobeartheriskthat the borrower may not repay a loan (though moderncapital marketshave developed many ways of managing this risk).
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