The term _________ is defined as the length of time between each loan payment.
A. down payment
B. loan period
C. payment period
D. nominal value
Fill in the blank(s) with the appropriate word(s).
payment period
Rationale: The length of time between each payment is the payment period, or just period. The length of time required to repay the loan is usually specified as the number of payments. See 14-5: Working with the PMT Financial Function
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Fill in the blank(s) with correct word