The Monthly Payment Is Calculated by Totaling the Finance Charge

question 47

True/False

The monthly payment is calculated by totaling the finance charge and amount financed and dividing that by the number of payments of the loan.

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Definitions:

Sociocultural Cognitive Theory

A theory that emphasizes the impact of social interaction, culture, and language on cognitive development.

Cognitive Development

Cognitive Development is the study of how thinking, problem solving, and intelligence evolve from childhood to adulthood.

Piaget's Theory

A theory of cognitive development that describes how children develop logical thinking from infancy through adolescence through a series of stages.

Culture

The shared beliefs, practices, norms, and values of a group of people that are passed down from generation to generation.