When the Simple-Interest Method Is Used to Determine Finance Charges,the

question 100

Multiple Choice

When the simple-interest method is used to determine finance charges,the interest is calculated based on the

• A)ending balance of the loan.
• B)average outstanding balance.
• C)actual loan balance outstanding.
• D)beginning balance of the loan.
• E)none of these.

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Definitions:

Selector Switch

A switch that allows the user to select among multiple positions or modes, often found on control panels for machinery.

Control Circuit Rung

A section or level within a control circuit diagram, often represented as horizontal lines that show the flow of electrical control signals.

Reversing Motor Starter

A device that allows the control of an electric motor's direction of rotation, enabling it to run both forward and backward.

Contactors

Electromechanical switches used in electrical circuits to control the flow of power to devices, typically operated by an electromagnetic coil.