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Personal Finance Lesson#9 Installment Buying

Installment buying can be defined as

The ability to pay for something over time

The ability to make zero payments

The ability to spread payments over a few months or years rather than paying for something all at once

Paying for something in cash

Durable goods are types of things that

Can be used for a short period of time

Can be used for a long period of time

Are disposable

Require insurance

An installment plan is a type of promissory note - where the buyer agrees to pay certain payments over time, at a certain rate

True

False

Most installment plans, whether it's a mortgage, car, or furniture, require a down payment.

True

False

Installment plans do not ever require interest to be added to the payments

True

False

A savvy shopper will not only compare prices but also understand the interest rates and how much their total bill will be.

True

False

When making time payments or installment payments, a portion of the payment always includes part of the balance due and some interest

True

False

Examples of durable goods are: homes, automobiles, and household appliances.

True

False

When considering installment plans, the Purchase Price is the total amount or cost of the item, including any fees or interest.

True

False

Who decides of installment plans are the right choice for a purchase?

The seller

The buyer

Financial planners

Your spouse

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