T/F. remaining-balance method is a method of computing interest, with which, interest is calculated by multiplying the principal outstanding by the effective rate for the period in question.

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19-12-2022
Business

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T/F. remaining-balance method is a method of computing interest, with which, interest is calculated by multiplying the principal outstanding by the effective rate for the period in question.

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abhinavjh321 abhinavjh321 · Answer 1 · 2022-12-21T15:58:25-05:00

False, remaining-balance method is a method of computing interest, with which, interest is calculated by multiplying the principal outstanding by the effective rate for the period in question.

Balance is the amount of money left to fully pay off your account. Calculating balances requires collecting a large amount of data. This includes the original balance or total amount owed, and the amount and frequency of account payments.

Balance is the amount you still owe after making a payment. The outstanding amount is the total amount owed (which can be the same as the balance).

Remaining term refers to the number of months the loan is outstanding. To calculate the remaining term, simply subtract the number of payments from the original term. The original term refers to the number of payments required to pay off a loan.

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