Larry Arnold gets a direct loan of money to go on vacation with his family.There is no down payment,and he will repay the loan over the next twelve months.What type of credit did Larry use?
A)Installment sales credit
B)Installment cash credit
C)Single lump-sum credit
D)Revolving check credit
E)Incidental credit

Question

Quizplus · Accepted Answer

Installment cash credit is the correct answer because it involves borrowing a fixed amount of money and repaying it in equal payments over a set period, which matches Larry's situation.

Larry Arnold Gets a Direct Loan of Money to Go