Which of the following is a characteristic of an installment loan?

There is an introductory period where no interest is accrued.

The item purchased is used as collateral until the balance is paid in full.

A down payment is always required.

It is commonly referred to as a “buy now, pay later” plan.

I think it is A but not sure.. Please help!

Question

Which of the following is a characteristic of an installment loan?

 There is an introductory period where no interest is accrued.

 The item purchased is used as collateral until the balance is paid in full.

 A down payment is always required.

 It is commonly referred to as a “buy now, pay later” plan.

I think it is A but not sure.. Please help!

anonymous · Answer

you are correct the answer is A