Choose the Word or Phrase in [ ] Which Will

question 25

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Borrowers are more likely to ask for a(n)[single payment | installment payment] consumer loan.

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Definitions:

Outstanding Balance

The amount of debt, or loan, that has not yet been repaid. It can change daily due to interest and payments.

Invoice

A detailed bill showing goods sold or services provided, along with the amounts due for payment.

Payment

The transfer of money, goods, or services in exchange for a product, service, or to fulfill a legal obligation such as a debt.

Payment Terms

Conditions under which a seller will complete a sale, often specifying the period allowed to a buyer to pay off the amount due.