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Define and describe the two types of credit Under what conditions might a consumer find each type useful? Define an instalment loan O A. An instalment loan requires that borrowers only pay interest in the short term and the principal at some time in the future OB. An instalment loan is a loan provided for specific purchases with interest charged on the amount borrowed OC. An instalment loan is issued to consumers for very short periods of time to make specific purchases No interest is charged to the borrower OD. An instalment loan is a loan up to a specified maximum amount based on income, debt level, and credit history Define revolving open-end credit A. Revolving open-end credit is issued to consumers for very short periods of time to make specific purchases. No interest is charged to the borrower OB. Revolving open-end credit is credit provided up to a specified maximum amount based on incomo, dobt level, and credit history, interest is charged each month on the outstanding balance OC. Revolving open-end credit is credit provided for specific purchases with interest charged on the amount borrowed. OD. Revolving open-end credit requires that borrowers only pay interest in the short term and the principal at some time in the future Under what conditions might a consumer find an instalment loan useful? Select all that apply. A. With an instalment loan, the consumer can pay the entire amount borrowed at any time, up to and including the payment due date, or pay a portion of the balance and have interest charged on the remainder. B. An instalment loan would be useful for making specific large purchases, like for a new car C. With an instalment loan, the borrower can re-borrow the amount that was paid