Emily Barnes has gone to the First State Bank and gotten a loan of $5,000 so she can go on vacation.She plans on paying the loan back in one payment in three months.Which of the following categories will this loan fall into?
A) Residential mortgage loan
B) Installment loan
C) Noninstallment loan
D) Revolving line of credit
E) None of the options is correct
Correct Answer:
Verified
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