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Meaning of Term

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Icon Mini Profile tdean1001





Joined: 13 Oct 2009

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Post Posted: Tue Oct 13, 2009 11:38 am    Post subject: Meaning of Term
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Banks quote 10 year term 20 year Am? I undertsand amortizing 20 make payments over the next 240 months where does 10 year term come from?
Icon Mini Profile thewretched02





Joined: 23 Jun 2009

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Post Posted: Tue Oct 13, 2009 6:22 pm    Post subject:
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could this be the fixed interest rate term? i.e. how long the interest rate on the loan will remain at the agree %?
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