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Jordan borrowed $10,000 so he could make some improvements to his basement. He will pay back the money (plus interest) by making $1000 monthly payments for the next 12 months. Which type of credit did he use?

an installment sales credit

an installment cash credit

a single lump-sum credit

a bank line of credit

Respuesta :

Answer:

The Corrct Answer is:

an installment cash credit

Explanation:

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Jordan borrowed some money and will pay it back with interest. It is a type of installment cash credit.

What is an installment cash credit?

Installment cash credit is a loan which is borrowed for a fixed amount of money.

The borrower repay the money in fixed installments includes the interest.

Examples are mortgages, personal loan, etc.

Thus, the correct option is B, an installment cash credit.

Learn more about installment cash credit

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