1.)In a(n) _________ , simple interest is added on to the amount borrowed and the total is repaid in equal installments.

Question

a.)Monthly installment plan
=b.)add on plan
c.)Single-payment plan

2.)In a(n) _________ , interest is charged on the unpaid part of the loan, and the loan is repaid in equal monthly installments.
=a.)Monthly installment plan
b.)add on plan
c.)Single-payment plan

Answer 1

Add on Plan