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When the lender provides the borrower with an amount of funds that must be repaid to the lender at the maturity date, along with an additional payment for the interest, it is called a__________.

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Answer:

The correct answer is: Simple Loan.

Explanation:

A Loan is an act of giving money, property or other materials goods to another party with the expectation of being repaid. In exchange for the loan, the lender usually expects to be repaid the principal with interests. Loans are important because they help growth economies' supply of money, foster competition, introduce products and expand businesses.

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