Answered: e most of the times , car financing use…

e most of the times , car financing use the concept of----------- a) debenture b) discount loan c) Amortized loan d)interest-only loan

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter7: Credit Cards And Consumer Loans

Section7.5: Calculating Interest On Consumer Loans

Problem 2CC

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Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

In the most of the times , car financing use the concept of-----------

a) debenture

b) discount loan

c) Amortized loan

d)interest-only loan

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