American_Bankers_Association
CTFA · Question #284
A loan that is repaid in a series of fixed, scheduled payments rather than a lump-sum is referred to as:
The correct answer is C. Installment loan. See the full explanation below for the reasoning.
Fiduciary and Trust Activities
Question
A loan that is repaid in a series of fixed, scheduled payments rather than a lump-sum is referred to as:
Options
- ASingle payment loan
- BMortgage loan
- CInstallment loan
- DCollege savings plan
How the community answered
(34 responses)- A6% (2)
- B6% (2)
- C85% (29)
- D3% (1)
Topics
#installment loan#fixed payments#loan repayment#consumer credit
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