The collateral for an installment loan is seized and liquidated by the lender if the borrower has paid the loan in full.
Correct Answer:
Verified
Q41: It is becoming increasingly frequent for longer-term
Q43: If a loan has a prepayment penalty,there
Q45: The add-on method is less expensive than
Q46: If the discount method is used to
Q50: With the discount method,the finance charges are
Q56: Rebates are almost always more cost effective
Q57: Simple interest on an installment loan is
Q58: If the add-on method is used to
Q59: When comparing two installment loans with the
Q64: If a 12-month installment loan is prepaid
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents