Sabrina used an installment sales credit. This type of credit involves making a purchase and paying for it over time in fixed installments, which is what she did by putting $50 down and then making monthly payments of $50 for 10 months.
Sabrina bought a new washing machine. She put $50 down and pays $50 per month for the next 10 months to be able to make the purchase. Which type of credit did she use?
an installment sales credit
an installment cash credit
a single lump-sum credit
a bank line of credit
1 answer
1 answer