instructions: choose an answer and hit next. you will receive your score and answers at the end. complete…

instructions: choose an answer and hit next. you will receive your score and answers at the end. complete this quiz to finish the assignment for 25 - 26 personal financial literacy - tyl due on oct 3, 2025 terry used installment credit to buy a $10,000 car. she has made 10 payments of $1,000 each and has requested the title (ownership papers) to the car. will terry get the title? yes, because installment credit users already hold title no, because installment credit is only for leases yes, because she has paid $10,000 no, because she still owes interest

instructions: choose an answer and hit next. you will receive your score and answers at the end. complete this quiz to finish the assignment for 25 - 26 personal financial literacy - tyl due on oct 3, 2025 terry used installment credit to buy a $10,000 car. she has made 10 payments of $1,000 each and has requested the title (ownership papers) to the car. will terry get the title? yes, because installment credit users already hold title no, because installment credit is only for leases yes, because she has paid $10,000 no, because she still owes interest

Answer

Explanation:

Step1: Calculate total payments

Terry made 10 payments of $1,000 each. So the total amount paid is $10\times1000 = 10000$.

Step2: Analyze car - price and payment

The car price is $10,000 and Terry has paid $10,000. But in installment credit, usually the payments include both principal and interest. Since she likely still owes interest even though the principal amount is paid off, she won't get the title.

Answer:

No, because she still owes interest