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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 …

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 …
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1 vote
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?

asked
User Mike Hay
by
7.6k points

2 Answers

7 votes

Answer:

I'm pretty sure it's installment credit.

Step-by-step explanation:

answered
User Larvyde
by
8.8k points
4 votes
I think is installment credit 
answered
User Sean Beach
by
8.5k points
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