The correct answer is D. installment credit.
This type of credit involves fixed payments over a set period, which is the case with Patrick's loan repayment plan.
Select the correct answer.
Patrick took a loan of $50,000 with a repayment period of five years from a bank to start his own business. Every month he has to pay the bank $900 to repay the loan. What type of credit is demonstrated in this scenario?
A.
unsecured credit
B.
secured credit
C.
revolving credit
D.
installment credit
1 answer
1 answer