An accurate statement about installment loans is that these Blank______.Multiple choice question.loans are usually for more than 1 yearshort-term funds are inadequate when seasonal financing is neededshort-term funds are frequently used to cover working capital needs for a period of timeloans require a major collateral
Question
An accurate statement about installment loans is that these Blank______.Multiple choice question.loans are usually for more than 1 yearshort-term funds are inadequate when seasonal financing is neededshort-term funds are frequently used to cover working capital needs for a period of timeloans require a major collateral
Solution
The accurate statement about installment loans is that these loans are usually for more than 1 year.
Here's why:
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Installment loans are a type of loan that is repaid over time with a set number of scheduled payments.
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They are typically used for big-ticket purchases that consumers cannot afford to pay upfront with cash.
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The term of an installment loan can be anywhere from a few months to 30 years.
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Therefore, the statement "loans are usually for more than 1 year" is accurate.
The other options are not necessarily accurate for installment loans. Short-term funds can be used for a variety of purposes, not just when seasonal financing is needed or to cover working capital needs. And while some installment loans may require collateral, not all do.
Similar Questions
Installment loans can be obtained by a venture Blank______.Multiple choice question.that is funded solely by crowd fundingwith a strong creditworthy partner such as the governmentthat uses funds only from family and friendswith a track record of sales and profits
A hybrid of the installment loan is the Blank______, by which funds are advanced to the company for 30 to 90 days.Multiple choice question.straight commercial loanreal estate loaninventory loanaccounts receivable loan
Which of the following describe an installment loan? Select all that apply.Group of answer choicesA loan that is repaid in varying amounts.A loan that is repaid in equal amounts.A loan that must be repaid in a specific period of time (e.g. 5 years).An open line of credit or loan that is not limited to a specific period of time.
Long-term loans are usually available only to Blank______.Multiple choice question.a venture funded by family and friendsnew entrepreneursstrong, mature companiesa government-funded company
An accurate statement about real estate loans is that it is Blank______.Multiple choice question.usually obtained to finance a company's land, plant, or another buildingdifferent from mortgage financingoften up to total amount of its valueused to cover only working capital needs for a limited period of time
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