Answer :

The money that Pete wants to borrow is known as a loan.

A loan is a type of financial agreement where one party (the borrower) borrows money from another party (the lender) with the promise to repay the borrowed amount with interest over a set period of time. In Pete's case, he is seeking to borrow $1,500. This means that he would need to find a lender who is willing to provide him with a loan of that amount and agree to the terms of repayment.

The terms that describe the money that Pete wants to borrow include loan amount, interest rate, repayment period, and any other fees or charges associated with the loan. The loan amount refers to the specific amount of money that Pete wants to borrow. The interest rate is the percentage that the lender will charge on top of the borrowed amount. The repayment period is the length of time that Pete has to repay the loan. Other fees or charges could include origination fees, prepayment penalties, and late fees. All of these terms will be outlined in the loan agreement that Pete and the lender will sign if he is approved for the loan.

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