Installment sales credit is a:
A)direct loan of money for personal purposes.
B)direct loan of money for home improvement.
C)loan that allows you to receive merchandise such as large appliances or furniture.
D)direct loan for vacation purposes.
E)synonym for a single lump-sum credit.

Question

Quizplus · Accepted Answer

Installment sales credit is a type of loan that enables consumers to purchase high-priced items, such as large appliances or furniture, by making a series of payments over time. This contrasts with direct loans for specific purposes like personal needs, home improvement, or vacations, or lump-sum credits where the entire loan amount is received upfront and repaid over time.

Installment Sales Credit Is A