Banks Calculate the Monthly Payment on a Loan as

question 41

Multiple Choice

Banks calculate the monthly payment on a loan as

• A) as an annuity due with payment made at end of month.
• B) as an annuity due with payment made one month in advance.
• C) as an ordinary annuity with payment made at end of month.
• D) as an ordinary annuity with payment made one month is advance.

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Definitions:

Americans

Citizens or natives of the United States of America, or relating to the country and its culture, society, and politics.

Marry

The legally or formally recognized union of two people as partners in a personal relationship, traditionally understood as in marriage.

Cohabitation

Living together in a sexually intimate relationship without the legal bonds of marriage.

Monogamous Relationships

Partnerships in which individuals commit to having a romantic or sexual relationship with only one person at a time.