Meghana has taken a loan of 6 lakhs from the bank to purchase a house. The annual interest rate on the loan is 14% and the loan is to be repaid in 12 years in monthly
instalments. Meghana had to submit to the bank documents showing her employment
records and salary before the bank agreed to give the loan.
Analyse the loan information given above considering one of the following
correct option
A
Interest on loan
B.
Informal source of loan
C.
Formal source of loan
D.
None of the above

please help

C.

Formal source of loan

Explanation:

From the loan Meghana took from the bank, it showed that, she obtained it from an official source which happens to be a loan. The bank do not run a charity organisation but a full fledged business with other customer's money.

In other to meet up with the expenses and still pay interest to people who deposited money in their bank, there is need to charge interest to those who took out money from them as loan.

according to hess's theory, when the magma cooled, it would expand and push the tectonic plates apart. it would push the north and south america plates to the west and eurasia and africa ones to the east. the atlantic ocean would get wider but the coastlines of the masses would stay the same.

harry hammond hess was a geologist and a united states navy officer in the second world war. he is considered to be one of the founding fathers of the theory of plate tectonics. he is known for his theories on sea floor spreading, stating that the movement of the continents was the result of see floor spreading. the continents are attached to the plates and do not move separately. the plates themselves shift and change shape, carrying the continents along.