Multiple Choice
You are borrowing $1,000 with an APR of 10% and a loan maturity of one year.Total interest charges will be the highest when ____________.
A) you pay off the loan in 12 monthly installments
B) you pay off the loan in 10 monthly installments
C) you make one payment in full at the end of the year
D) you prepay the loan 6 months prior to the maturity of the loan
Correct Answer:
Verified
Correct Answer:
Verified
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