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Loans for cars and home appliances are called loans for ____________?

Loans for items like cars and home appliances are classified as durable goods loans because these products have a long useful life and provide value over several years. Financial institutions provide such loans to help consumers purchase high-cost items without... Read More

1 FINANCE MCQS

Loans for cars and home appliances are called loans for ____________?

  • Durable goods
  • Non-durable goods
  • Equilibrium goods
  • Non-equilibrium goods
Correct Answer: A. Durable goods

Detailed Explanation

Loans for items like cars and home appliances are classified as durable goods loans because these products have a long useful life and provide value over several years. Financial institutions provide such loans to help consumers purchase high-cost items without paying the full price upfront.

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