What term refers to credit accounts that have a fixed payment over a fixed period and require customers to make regular monthly payments at a set amount until they pay back the full amount of the loan?
(1 point)
Responses
installment accounts
installment accounts
revolving accounts
revolving accounts
social security accounts
social security accounts
investor accounts
The term that refers to credit accounts with a fixed payment over a fixed period and regular monthly payments is "installment accounts".
The term that refers to credit accounts that have a fixed payment over a fixed period and require customers to make regular monthly payments at a set amount until they pay back the full amount of the loan is "installment accounts."
The term that refers to credit accounts with a fixed payment over a fixed period and require customers to make regular monthly payments at a set amount until they pay back the full amount of the loan is "installment accounts."
To find the answer, you can use various methods. One way is to search for the terms mentioned in the options and compare them with the given description. Another approach is to have prior knowledge or experience with credit accounts and recognize the characteristics described.
In this case, the other options like "revolving accounts," "social security accounts," and "investor accounts" do not match the given description. Therefore, the correct answer is "installment accounts."