Final answer:
The statement that installment loans are typically given for 30-40 days is false. Mortgages, a common type of installment loan, have terms like 15 or 30 years, and loans for college or business investments often have extended repayment periods.
Step-by-step explanation:
The assertion that installment loans are typically given for 30-40 days is false. Installment loans, such as those for purchasing homes or vehicles, or for financing college education, often have much longer repayment periods. For instance, mortgage loans usually span either 15 or 30 years. College students may take out loans that they plan to repay after graduation when they anticipate having a higher income. Similarly, businesses may seek long-term financial investments to fund projects with payoff timelines extending several years into the future. Credit demand shifts with the level of confidence consumers and businesses have in their ability to repay in the long term, affecting how they approach borrowing and investment decisions.