What are the different types of loans available to consumers

Asked by admin @ in Business viewed by 288 People

Conduct online research and find three different types of loans that are available to consumers. For each loan, describe its features and benefits

along with the costs and risks of the loan. Fill out the table using the information you gathered.
Loan 1
Loan 2
Loan 3
Type of loan
Features/benefits
Costs
Risks

Answered by admin @


Answer:

 

Type of loan credit card unsecured loan retail financing

Features/benefits miles toward travel; no fixed maturity date no collateral is necessary; no fixed maturity date no payment due for the first six months

Costs interest rate of 11 percent interest rate of 10 percent interest rate of 17 percent

Risks can rack up debt quickly; penalties for late or missed payments  relatively little risk to the consumer
must be paid off in five years
, the minimum payments with interest are extremely high


Explanation:PLATO ANSWER

Credit card info is underlines

Unsecured loan is bold

retail financing is in italics


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