Question
The amount of the monthly payment is determined by calculating the interest that must be paid on the loan amount, adding the interest and loan
The amount of the monthly payment is determined by calculating the interest that must be paid on the loan amount, adding the interest and loan principal together, and dividing by the number of payments. This is:
a. discounting interest method
b. simple interest method
c. add-on interest method
d. compounding interest method
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The Money Book Of Personal Finance
Authors: Richard Eisenberg
1st Edition
0446524298, 9780446524292
