The ________ Is the Amount That You Will Need to Pay

question 81

Short Answer

The ________ is the amount that you will need to pay if your car is damaged in an accident that was your fault.

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Definitions:

Installment Notes

A form of debt that requires the borrower to make scheduled periodic payments of principal and interest over a set period until the debt is paid off.

Interest

The cost of borrowing money or the return earned on an investment, typically expressed as an annual percentage of the principal.

Principal

The original sum of money borrowed in a loan, or the amount of the loan that has not yet been repaid, excluding interest.

Straight-Line Method

A depreciation technique that allocates an equal portion of an asset's cost to each period of its useful life.