The _____ is commonly used on revolving credit lines by commercial banks, savings and loan associations (S&Ls), and credit unions.
A) simple interest method
B) add-on method
C) discount method
D) sum-of-the-digits method
E) average loan balance method

Question

The _____ is commonly used on revolving credit lines by commercial banks, savings and loan associations (S&Ls), and credit unions.
A) simple interest method
B) add-on method
C) discount method
D) sum-of-the-digits method
E) average loan balance method

Quizplus · Accepted Answer

The simple interest method is commonly used on revolving credit lines by financial institutions like commercial banks, savings and loan associations, and credit unions.

The _____ Is Commonly Used on Revolving Credit Lines by Commercial