Question
All the following are examples of installment loans EXCEPT:(1 point)
Responses
Credit card
Credit card
Car loan
Car loan
Mortgage
Mortgage
Student loan
Responses
Credit card
Credit card
Car loan
Car loan
Mortgage
Mortgage
Student loan
Answers
GPT-4o mini
The correct answer is **Credit card**.
Credit cards are not installment loans; they are revolving credit, which allows the borrower to spend up to a certain limit and make minimum payments rather than fixed payments over a set period. The other options—car loans, mortgages, and student loans—are all examples of installment loans, which involve borrowing a specific amount and repaying it in regular payments over time.
Credit cards are not installment loans; they are revolving credit, which allows the borrower to spend up to a certain limit and make minimum payments rather than fixed payments over a set period. The other options—car loans, mortgages, and student loans—are all examples of installment loans, which involve borrowing a specific amount and repaying it in regular payments over time.