Loans with regular payments for a specific number of payments are called:

Question

Quizplus · Accepted Answer

Basic installment loans are specifically designed for borrowers who need to make regular payments (usually monthly) for a specific number of payments. These loans are often used for big purchases like a car or a home, where the borrower needs to make payments over a longer period of time. Open-end loans (B) are lines of credit that you can borrow from over and over again, while APR loans (C) are loans that charge an annual percentage rate, which includes both interest and any fees associated with the loan. Down payment loans (D) typically require a borrower to put down a certain percentage of the loan amount as a down payment, and are commonly used for home purchases.

Loans with Regular Payments for a Specific Number of Payments