Question
Question 18 (1 point) Additional or extra time that a person is given to make a payment on a loan without being charged additional fees. Gamishment b Creditor b Wage Assignment Grace Period
Answer
4.7
(278 Votes)
Percy
Master · Tutor for 5 years
Answer
D
Explanation
When it comes to loan repayment, the term refers to a period of time beyond the due date during which no late fees apply, which is an predetermined length of time following a payment deadline during which the penalty or default condition for non-payment is not enforced. This term, in the context of loan payment, is recognised as a "Grace Period." Hence, filling in the blank, it reads; Additional or extra time that a person is given to make a payment on a loan without being charged additional fees is called a 'Grace Period'.