You've taken out a loan and your repayment is due today. You're worried that you might not be able to make the payment on time. Your loan may have extra time built in, before you are charged a late fee. In your loan paperwork, what should you look for to see how much time you have before you will be charged a late fee? Choose 1 answer: A principal B grace period C interest rate D loan term

Question

You've taken out a loan and your repayment is due today. You're worried that you might not be able to make the payment on time. Your loan may have extra time built in, before you are charged a late fee. In your loan paperwork, what should you look for to see how much time you have before you will be charged a late fee? Choose 1 answer: A principal B grace period C interest rate D loan term

Answer 1

### (B) grace period

Answer 2

## Step 1: Identify relevant term in loan paperwork ### Determine which term in the loan paperwork specifies the duration before a late fee is charged.## Step 2: Evaluate options provided ### Review each option to see which one pertains to the time allowed before late fees are imposed.

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