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2. Explain how financial companies operate and provide three examples
companies
3. Explain in your own words, how Savings and Loans Societies give loans
ummary
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Final answer:

Financial companies offer various services like loans and investments, with examples including Bank of America and Fidelity Investments. Savings and Loans Societies gather deposits to offer loans, especially for mortgages.


Explanation:

Financial companies function by providing financial services such as loans, investments, and insurance to individuals and businesses. They make profits through interest, fees, and other financial activities.

Three examples of financial companies are:

  1. Bank of America - a multinational investment bank and financial services company
  2. Fidelity Investments - a provider of investment management services
  3. Prudential Financial - a company offering insurance, investment management, and other financial products

Savings and Loans Societies give loans by using deposits from savers to fund lending activities, primarily in the form of mortgages and other consumer loans. They operate by accepting deposits and using those funds to provide loans to customers at competitive interest rates.


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