![]() ![]() ![]() This rate is charged on the principal amount you borrow. Interest rate: An interest rate is the cost you are charged for borrowing money.When taking out any loan, it’s important to understand these four factors: Common types of unsecured loans include credit cards and student loans. Unsecured loans don’t require collateral, though failure to pay them may result in a poor credit score or the borrower being sent to a collections agency. In exchange, the rates and terms are usually more competitive than for unsecured loans. Common examples of secured loans include mortgages and auto loans, which enable the lender to foreclose on your property in the event of non-payment. Eight Essential Components of Communication” from Communication for Business Professionals by eCampusOntario is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.Secured loans require an asset as collateral while unsecured loans do not. Noise interferes with normal encoding and decoding of the message carried by the channel between source and receiver. ![]() This can be external or internal/psychological. “Interference is anything that blocks or changes the source’s intended meaning of the message” (McLean, 2005). Interference, also called noise, can come from any source. A professional communication context may involve business suits (environmental cues) that directly or indirectly influence expectations of language and behaviour among the participants. “The context of the communication interaction involves the setting, scene, and expectations of the individuals involved” (McLean, 2005). Surroundings, people, animals, technology, can all influence your communication. “The environment is the atmosphere, physical and psychological, where you send and receive messages” (McLean, 2005). Verbal or nonverbal, all these feedback signals allow the source to see how well, how accurately (or how poorly and inaccurately) the message was received (Leavitt & Mueller, 1951). ![]() Feedback is composed of messages the receiver sends back to the source. When you respond to the source, intentionally or unintentionally, you are giving feedback. “The receiver receives the message from the source, analyzing and interpreting the message in ways both intended and unintended by the source” (McLean, 2005). Written channels include letters, memorandums, purchase orders, invoices, newspaper and magazine articles, blogs, email, text messages, tweets, and so forth. Spoken channels include face-to-face conversations, speeches, phone conversations and voicemail messages, radio, public address systems, and Skype. “The channel is the way in which a message or messages travel between source and receiver.” (McLean, 2005). The message brings together words to convey meaning, but is also about how it’s conveyed - through nonverbal cues, organization, grammar, style, and other elements. “The message is the stimulus or meaning produced by the source for the receiver or audience” (McLean, 2005). By watching for the audience’s reaction, the source perceives how well they received the message and responds with clarification or supporting information. The source encodes the message by choosing just the right order or the best words to convey the intended meaning, and presents or sends the information to the audience (receiver). The source imagines, creates, and sends the message. Table 1.1 The Communication Process Source The communication process can be broken down into a series of eight essential components, each of which serves an integral function in the overall process: source, message, channel, receiver, feedback, environment, context, and interference. 1.3 Eight Essential Components of Communication ![]()
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