Repayment dates, interest and fees determine the repayment burden. Two loans with the same monthly payment can have different total costs if their terms differ.
Credit (loan)
In a nutshell
Credit is money made available by a lender that the borrower agrees to repay on agreed terms.
On this page
Explained simply
A practical example
Hypothetical example: a shopkeeper borrows to buy equipment and repays part of the principal and the agreed interest each month.
Further reading
Try it yourself
Compare two situations
Choose a situation to see its outcome, then test your understanding.
What this means
Total instalments are CFA 120,000, excluding separately paid fees.
Educational scenarios. Amounts and rates are fictional, not current market conditions.