QUESTION IMAGE
Question
fill in the blank so that the resulting statement is true. using a credit card is an example of a/an ______ installment loan for which there is no schedule for paying a fixed amount each period. using a credit card is an example of a/an installment loan for which there is no schedule for paying a fixed amount each period.
In finance, an open - end installment loan (also known as a revolving credit) is one where there is no fixed schedule for paying a fixed amount each period. Credit cards are a classic example of open - end installment loans because the borrower can keep using the credit (up to the credit limit) and the payments are not fixed in terms of a set amount per period (the minimum payment can vary based on the outstanding balance, and the borrower can choose to pay more or just the minimum, and also can keep making purchases as long as they stay within the limit).
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open - end