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 t

Question

melisa1 [442]

4 years ago

11

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 t

o pay the bank $900 to repay the loan. What type of credit is demonstrated in this scenario?

Mathematics

1 answer:

myrzilka [38] · Answer 1 · 2022-01-02T05:12:57+03:00

myrzilka [38]4 years ago

8 0

Answer:

Installment credit

Step-by-step explanation:

Installment credit, is a type of loan in which you borrow a fixed amount of money and once you get it, you agree on repaying it in installments on monthly basis until the loan is fully repaid.