In a(n) _________ , simple interest is added on to the amount borrowed and the total is repaid in equal installments.
In a installment loan, simple interest is added on to the amount borrowed and the total is repaid in equal installments.
To arrive at this answer, I followed a two-step process:
1. First, I recognized that the question is asking about a type of loan where simple interest is added and the repayment is made through equal installments.
2. Next, I recalled my knowledge of different types of loans and matched the given criteria with the characteristics of installment loans.