ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Installment credit usually allows a person to make additional purchases on an account.
Detailed explanation-2: -Installment credit is a loan that offers a borrower a fixed, or finite, amount of money over a specified period of time. This way, the borrower knows upfront the number of monthly payments, or “installments, ” they will need to make and how much each monthly payment will be.
Detailed explanation-3: -installment credit, also called Installment Plan, or Hire-purchase Plan, in business, credit that is granted on condition of its repayment at regular intervals, or installments, over a specified period of time until paid in full.
Detailed explanation-4: -Common installment loans include mortgages, auto loans, student loans, and personal loans. With each of these, you know how much your monthly payment is and how long you will make payments. An additional credit application is required to borrow more money.