Credit for a set amount, such as the cost of a refrigerator, that is paid off in a set period of time is called

Question

Raquel Arnold

Business

23 October, 05:43

Credit for a set amount, such as the cost of a refrigerator, that is paid off in a set period of time is called

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Answers (1)

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Sullivan · Answer 1

The correct answer is installment credit

Explanation:

Installment credit is a credit that involves paying a specific amount of the total credit taken in a particular period till the total credit amount is paid off.

For instance, if a consumer buys a refrigerator on credit, that is without paying cash immediately instead giving the grace by the seller to pay for the gadget over a period of twelve months by paying $200 a month until the 12th month when total amount owed would have been paid