Questions: The amount you will have to pay over a given period of time until the loan is repaid is called Select one: payback debt service present value principal

The amount you will have to pay over a given period of time until the loan is repaid is called Select one: payback debt service present value principal
Transcript text: The amount you will have to pay over a given period of time until the loan is repaid is called Select one: payback debt service present value principal
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Solution

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Solution Steps

Step 1: Understanding the Question

The question asks about the term used to describe the amount you will have to pay over a given period of time until the loan is repaid. The options provided are:

  • Payback
  • Debt service
  • Present value
  • Principal
Step 2: Analyzing the Options
  • Payback: This term generally refers to the return on an investment or the repayment of a loan, but it is not specifically used to describe the total amount paid over time.
  • Debt service: This term refers to the total amount of money required to pay back the principal and interest on a loan over a specified period. It includes both the principal and the interest payments.
  • Present value: This term refers to the current value of a future amount of money, discounted at a specific rate. It is not related to the total amount paid over time.
  • Principal: This term refers to the original amount of money borrowed or invested, not the total amount paid over time.
Step 3: Selecting the Correct Answer

Based on the analysis, the term that best describes the amount you will have to pay over a given period of time until the loan is repaid is debt service.

Final Answer

\\(\boxed{\text{Debt service}}\\)

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