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16 September, 16:34

If a consumer makes monthly payments of $250 to pay off a car loan, what type of credit is she using?

A) Non-Revolving

B) Revolving

C) Short Term

D) Unsecured

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Answers (1)
  1. 16 September, 16:54
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    A) Non-Revolving

    Explanation:

    There are two types of payment option, revolving credit and non-revolving credit.

    For non-revolving credit, there is a fixed interest rate and fixed monthly payment according to agreement to payoff the loan. The consumers fixed monthly payment in this case is $250. Unlike non-revolving credit, there is no fixed payment amount in revolving credit.
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