Hillary wants to purchase a refrigerator on credit.If she uses an installment plan,what is most likely to occur?
A)A down payment will be required.
B)A discounted price on her purchase will not be offered.
C)By law,finance charges on her account cannot exceed 20 percent of the purchase price.
D)Taxes will not be charged.

Question

Quizplus · Accepted Answer

Typically, when purchasing on credit with an installment plan, a down payment is required to secure the purchase. This helps lower the overall amount being financed and shows the lender a certain level of financial responsibility on the part of the borrower.

Hillary Wants to Purchase a Refrigerator on Credit