A Simple Interest Installment Loan Calculates Interest on the Unpaid

question 69

Multiple Choice

A simple interest installment loan calculates interest on the unpaid balance.An add-on

• A)calculates the same way with the addition of a factor.
• B)calculates interest on the original balance.
• C)is less costly.
• D)is more costly.
• E)both B and D.

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Definitions:

Standards Not Met

The condition of failing to reach established criteria or expected levels of quality.

Bankruptcy Estate

All legal or equitable interests of the debtor in property at the time of the bankruptcy filing, governed by bankruptcy law.

Automatic Stay

After bankruptcy has been filed, a moratorium during which creditors cannot bring or continue action against the debtor or his or her property.

Discharging Debts

The process of eliminating debts through various means, such as bankruptcy or fulfillment of payment terms.