Question

Credit for a set amount, such as the cost of a refrigerator, that is paid off in a set period of time is called

Answer 1

The correct answer is installment credit

Step-by-step explanation:

Installment credit is a credit that involves paying a specific amount of the total credit taken in a particular period till the total credit amount is paid off.

For instance,if a consumer buys a refrigerator on credit ,that is without paying cash immediately instead giving the grace by the seller to pay for the gadget over a period of twelve months by paying $200 a month until the 12th month when total amount owed would have been paid