{"id":591819,"date":"2023-06-18T10:50:06","date_gmt":"2023-06-18T05:20:06","guid":{"rendered":"https:\/\/infinitylearn.com\/surge\/question\/mohan-is-an-agricultural-labourer-there-are-several-months-in-a-year-when-he-has-no-work-and-needs-credit-to-meet-his-daily-expenses-he-depends-upon-his-employer-the-landowner-for-credit-which-char\/"},"modified":"2025-06-26T11:25:12","modified_gmt":"2025-06-26T05:55:12","slug":"mohan-is-an-agricultural-labourer-there-are-several-months-in-a-year-when-he-has-no-work-and-needs-credit-to-meet-his-daily-expenses-he-depends-upon-his-employer-the-landowner-for-credit-which-char","status":"publish","type":"questions","link":"https:\/\/infinitylearn.com\/surge\/question\/economics\/mohan-is-an-agricultural-labourer-there-are-several-months\/","title":{"rendered":"Mohan is an agricultural labourer. There are several months in a year when he has no work and needs credit to meet his daily expenses. He depends upon his employer, the landowner for credit which charges an interest rate of 5 per cent per month. Mohan repays the money by working physically for the landowner on his farmland.Over the years his debt will \u00a0"},"content":{"rendered":"","protected":false},"author":1,"template":"","meta":{"_yoast_wpseo_focuskw":"","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"Mohan is an agricultural labourer. There are several months in a year when he has no work and needs credit to meet his daily expenses. He depends upon his employer, the landowner for credit which charges an interest rate of 5 per cent per month. Mohan repays the money by working physically for the landowner on his farmland.Over the years his debt will \u00a0","custom_permalink":"question\/economics\/mohan-is-an-agricultural-labourer-there-are-several-months\/"},"categories":[],"acf":{"question":"

Mohan is an agricultural labourer. There are several months in a year when he has no work and needs credit to meet his daily expenses. He depends upon his employer, the landowner for credit which charges an interest rate of 5 per cent per month. Mohan repays the money by working physically for the landowner on his farmland.<\/span><\/p>

Over the years his debt will <\/span> <\/span><\/p>

<\/p>

<\/p><\/spanstyle=\"font-family:'timesnewroman';-aw-import:ignore\"><\/pstyle=\"margin-top:0pt;margin-bottom:0pt;line-height:normal\"><\/spanstyle=\"font-family:'timesnewroman';-aw-import:spaces\"><\/pstyle=\"margin-top:0pt;margin-bottom:0pt;text-align:justify;line-height:normal\">","options":[{"option":"Increase \u2013 because of increasing interest and non\u2013payment of the monthly amount <\/span>","correct":true},{"option":"Remain constant \u2013 as he is working for the employer but is repaying less <\/span>","correct":false},{"option":"Reduce \u2013 as an amount equivalent to his salary is being counted as monthly repayment <\/span>","correct":false},{"option":"Be repaid \u2013 as he is repaying the debt in the form of physical labour<\/span> <\/span>","correct":false}],"solution":"Over the years his debt will Increase \u2013 because of increasing interest and non\u2013payment of the monthly amount.<\/span>
Because credit is an arrangement whereby the lender grants the borrower access to funds, goods, or services in exchange for a promise to make future payments. Most informal lenders charge substantially greater interest rates on loans than do professional lenders. Therefore, the cost of informal loans is significantly higher for the borrower. Higher borrowing costs include using a higher portion of the borrowers' income to pay back the loan. In some circumstances, a high-interest rate on a loan might result in a repayment obligation that exceeds the borrower's income. This can result in debt traps and rising debt levels.<\/span>
 <\/span>","subject":"Economics"},"yoast_head":"\nMohan is an agricultural labourer. There are several months in a year when he has no work and needs credit to meet his daily expenses. He depends upon his employer, the landowner for credit which charges an interest rate of 5 per cent per month. Mohan repays the money by working physically for the landowner on his farmland.Over the years his debt will \u00a0 - Infinity Learn by Sri Chaitanya<\/title>\n<meta name=\"description\" content=\"Mohan is an agricultural labourer. There are several months in a year when he has no work and needs credit to meet his daily expenses. He depends upon his employer, the landowner for credit which charges an interest rate of 5 per cent per month. 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