The type of credit frequently offered to customers who are purchasing big-ticket items like cars and boats where the customer makes a down payment and then monthly payments is known as a/an ______.

A) open charge account
B) installment account
C) line of credit
D) debit card

Installment Account

A financial account that allows borrowing or the purchase of goods, with repayment made in predetermined, periodic amounts over time.

Open Charge Account

A credit account that allows the account holder to purchase goods or services on credit and pay for them at a later date.

Line of Credit

A credit facility extended by a bank or financial institution to a government, business, or individual, allowing them to borrow up to a predetermined limit.