Multiple Choice
When the simple interest method is used to determine finance charges,the interest is calculated based on the:
A) future value of installments.
B) average outstanding balance.
C) actual balance of the loan.
D) present value of all finance charges.
E) none of these
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q18: Installment loans are repaid in one payment.
Q21: Installment loans are repaid in monthly payments.
Q21: If the add-on method is used to
Q24: The add-on method is less expensive than
Q24: Rebates are almost always more cost effective
Q31: Choose the word or phrase in [
Q35: A legal claim that allows creditors to
Q55: Credit unions dominate the consumer loan market.
Q86: The average annual cost of a college
Q92: When comparing two installment loans with the