Questions: Fill in the blank. The finance charges for a(n) loan are determined when the loan account is opened and are added to the amount borrowed.

Fill in the blank. The finance charges for a(n) loan are determined when the loan account is opened and are added to the amount borrowed.
Transcript text: Fill in the blank. The finance charges for $a(n)$ $\square$ loan are determined when the loan account is opened and are added to the amount borrowed.
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Solution

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The finance charges for a(n) installment loan are determined when the loan account is opened and are added to the amount borrowed.

In an installment loan, the borrower agrees to repay the loan in fixed, regular payments over a specified period. The finance charges, which include interest and any other fees, are calculated at the outset and incorporated into the total loan amount. This type of loan is commonly used for auto loans, personal loans, and mortgages.

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