Jake Skinner 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 credit
E)incidental credit

Question

Quizplus · Accepted Answer

Jake used single lump sum credit, which means he borrowed a fixed amount and will repay it in one payment at the end of a specific term.

Jake Skinner Purchases a Big Screen TV on Credit and Will