The type of credit frequently offered to customers who are purchasing big-ticket items like cars and boats where the customer makes a down payment and then monthly payments is known as a/an ______.

Question

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An installment account is a type of credit where the borrower makes a down payment and then repays the balance with interest in regular (usually monthly) payments, which is common for big-ticket items like cars and boats.

The Type of Credit Frequently Offered to Customers Who Are