Consumer loans, like open account credits, result from a rather informal process. True False Question 2 1pts Most consumer loans are made at fixed rates of interest. True False Question 3 1 pts Fixed-rate loans are desirable if interest rates are expected to fall over the course of the loan. True The repayment of the principal of installment loans is made in a lump sum, and the repayment period of installment loans is 6 to 12 months. True False Question 5 1 pts The most common use of consumer loans is to: finance a vacation. buy a house. finance college education. buy furniture. purchase a car. A Ioan is intended to help consumers who have an unhealthy credit situation caused by overusing their credit. personal single-payment consolidation standard buy-down Question 7 Which of the following statements regarding loan collateral is true? Collateral is an item of value used to secure the principal portion of a loan. Collateral is always required by banks to lend to customers with good credit ratings. Loans secured by collateral always have higher finance charges than unsecured loans. Collateral is an item of value used to secure the interest portion of a loan. Loans are secured by collateral that is readily marketable at a price high enough to cover the interest portion of the loan