When determining how much money a person will need to borrow in loans for each year of higher education, the person need to take into account future value and the interest rates.
<h3>What is loan?</h3>
A loan is a financial transaction in which one or more individuals, organizations, or other entities lend money to other persons, organizations, or entities.
The recipient incurs a debt and is normally responsible for paying both interest and the principal amount borrowed until the obligation is repaid.
A person must take an account the future worth and interest rates when computing how much income you will be needed to borrow for every year of your higher education.
Therefore, borrower must take into account the future value and interest rates.
Learn more about the future value, refer to:
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