Fixed payment is not an element of Installment credit. Option D is correct.
Installment credit:
It is type of credit in which burrower repay loan to lender in periodic small payments.
- In this loan amount is fixed.
- In this repayment is scheduled.
- The burrower can withdraw money up to its loan limit any time.
The repayment is usually fixed but burrower can give more than the monthly installment.
Therefore, fixed payment is not an element of Installment credit. Option D is correct.
To know more about Installment credit,
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