Ask Question
17 August, 14:53

Patrick took a loan of $50,000 with a repayment period of five years from a bank to start his own business. Every month he has to pay the bank $900 to repay the loan. What type of credit is demonstrated in this scenario?

+5
Answers (1)
  1. 17 August, 17:49
    0
    Installment credit

    Step-by-step explanation:

    Installment credit, is a type of loan in which you borrow a fixed amount of money and once you get it, you agree on repaying it in installments on monthly basis until the loan is fully repaid.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Patrick took a loan of $50,000 with a repayment period of five years from a bank to start his own business. Every month he has to pay the ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers