Kathy purchased a $2,000 digital TV from Young's Appliances.She will make 12 equal payments over the next year to pay for it.She is using:

Question

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Kathy is making equal payments over a set period of time, which is the definition of an installment loan. Open-end credit, revolving check credit, and lines of credit are all types of credit that do not have a set repayment schedule like an installment loan.

Kathy Purchased a $2,000 Digital TV from Young's Appliances