Question: Identify the correct statement about a loan with add-on interest. Multiple choice question. If payments are made in installments, then actual rate of interest is

Identify the correct statement about a loan with add-on interest. Multiple choice question. If payments are made in installments, then actual rate of interest is less than than the stated rate. The interest is calculated on the full amount of the original principal, no matter how frequently the payments are made. They only offer a floating rate of interest. The longer you take to pay the loan the less interest you pay

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