Question

Ian owes Shirley $5,000, which is payable in five installments at an interest. However, after two installments, Ian offers to pay Shirley the entire debt to avoid paying the interest. In this scenario, which of the following will take place if Shirley announces that Ian does not have to pay the debt in further installments? Group of answer choices arbitration release negotiation rescission waiver

Answer 1

In the scenario where Ian offers to pay Shirley the entire debt to avoid paying the interest; in that case "release" will take place if Shirley announces that Ian does not have to pay the debt in further installments.

What are installments?

The act of adding something new or an installment is one portion of something that has numerous parts, such a payment or a story, are the definitions of an installment.

The monthly installments are described as-"When you pay for something in installments, you don't pay the entire amount at once; rather, you make little payments at regular intervals throughout time".

The advantages of Instalment schemes are-

• These schemes enable you to pay for items that you cannot afford or cannot afford to buy outright.
• To avoid paying the full amount in one month, we can spread out the cost over a longer period of time.
• We also have the choice to cancel before paying the entire sum. more affordable than a personal loan.

The working in installment plans is-

• The whole cost of your purchase is automatically removed from your available credit when you sign up for an installment plan.
• The minimum payment required each month includes the amount of your monthly installment.
• Your credit limit is increased as you make payments against the sum.

To know more about the personal loan, here

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