When comparing a straight note with an installment note, the straight note:
A: Will have equal annual principal reduction payments;
B: Will have no principal payments during the term of the loan except on the last payment;
C: Will have a total effective interest rate greater than if the loan were an installment loan;
D: None of the above.
Answer: B: Will have no principal payments during the term of the loan except on the last payment;
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