(1 point)
Responses
It is calculated only once, when you first take out the loan.
It is calculated only once, when you first take out the loan.
It is a percentage of the total cost of the loan.
It is a percentage of the total cost of the loan.
It is expressed as the APR of a loan.
It is expressed as the APR of a loan.
It is a percentage of the amount of the principal you have not yet paid back.
It is a percentage of the amount of the principal you have not yet paid back.
1 answer
The statement that is true of interest is:
It is a percentage of the amount of the principal you have not yet paid back.
Interest is usually calculated based on the remaining unpaid principal amount during the term of the loan, particularly in the case of amortizing loans where principal is paid down over time.
