All the following are examples of installment loans EXCEPT:(1 point)

Responses

Credit card
Credit card

Car loan
Car loan

Mortgage
Mortgage

Student loan

1 answer

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.