Jake Smith purchases a big screen TV on credit and will repay the loan with one payment at the end of 90 days.What type of credit did Jake use?
A)Installment sales credit
B)Installment cash credit
C)Single lump-sum credit
D)Revolving check credit
E)Open-end credit

Question

Quizplus · Accepted Answer

Jake used single lump-sum credit because he plans to repay the loan with one payment at the end of a specified period, without making a series of installment payments.

Jake Smith Purchases a Big Screen TV on Credit and Will