The meaning of consumer credit. Introduction: Consumer credit refers to the arrangement of consuming goods and service without making any payment for them at the time of purchasing but sometime in the near future. It may include a component of interest if the payment has not been made till some specific time period.

Question

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Answer 1

Question

Chapter 6, Problem 6.1PQ1

Summary Introduction

To explain:

The meaning of consumer credit.

Introduction:

Consumer credit refers to the arrangement of consuming goods and service without making any payment for them at the time of purchasing but sometime in the near future. It may include a component of interest if the payment has not been made till some specific time period.

Expert Solution & Answer

Explanation of Solution

Consumer credit is the arrangement of goods and services to consume them before paying for them and the payment for those goods and services will be made later.

As the name suggests, it is applicable to only those goods and services that are for end use or for consumption and not for the industrial goods or services.
The consumer credit is the amount of credit taken for all consumer goods and services except home mortgages.

Conclusion

Thus, consumer credit is the credit taken for the consumables items that includes services as well and may include the component of interest.

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Answer 2

Question

Chapter 6, Problem 6.1PQ1

Summary Introduction

To explain:

The meaning of consumer credit.

Introduction:

Consumer credit refers to the arrangement of consuming goods and service without making any payment for them at the time of purchasing but sometime in the near future. It may include a component of interest if the payment has not been made till some specific time period.

Expert Solution & Answer

Explanation of Solution

Consumer credit is the arrangement of goods and services to consume them before paying for them and the payment for those goods and services will be made later.

As the name suggests, it is applicable to only those goods and services that are for end use or for consumption and not for the industrial goods or services.
The consumer credit is the amount of credit taken for all consumer goods and services except home mortgages.

Conclusion

Thus, consumer credit is the credit taken for the consumables items that includes services as well and may include the component of interest.

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Answer 3

Question

Chapter 6, Problem 6.1PQ1

Summary Introduction

To explain:

The meaning of consumer credit.

Introduction:

Consumer credit refers to the arrangement of consuming goods and service without making any payment for them at the time of purchasing but sometime in the near future. It may include a component of interest if the payment has not been made till some specific time period.

Expert Solution & Answer

Explanation of Solution

Consumer credit is the arrangement of goods and services to consume them before paying for them and the payment for those goods and services will be made later.

As the name suggests, it is applicable to only those goods and services that are for end use or for consumption and not for the industrial goods or services.
The consumer credit is the amount of credit taken for all consumer goods and services except home mortgages.

Conclusion

Thus, consumer credit is the credit taken for the consumables items that includes services as well and may include the component of interest.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 6, Problem 6.1PQ1

Summary Introduction

To explain:

The meaning of consumer credit.

Introduction:

Consumer credit refers to the arrangement of consuming goods and service without making any payment for them at the time of purchasing but sometime in the near future. It may include a component of interest if the payment has not been made till some specific time period.

Expert Solution & Answer

Explanation of Solution

Consumer credit is the arrangement of goods and services to consume them before paying for them and the payment for those goods and services will be made later.

As the name suggests, it is applicable to only those goods and services that are for end use or for consumption and not for the industrial goods or services.
The consumer credit is the amount of credit taken for all consumer goods and services except home mortgages.

Conclusion

Thus, consumer credit is the credit taken for the consumables items that includes services as well and may include the component of interest.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 6, Problem 6.1PQ1

Summary Introduction

To explain:

The meaning of consumer credit.

Introduction:

Consumer credit refers to the arrangement of consuming goods and service without making any payment for them at the time of purchasing but sometime in the near future. It may include a component of interest if the payment has not been made till some specific time period.

Expert Solution & Answer

Explanation of Solution

Consumer credit is the arrangement of goods and services to consume them before paying for them and the payment for those goods and services will be made later.

As the name suggests, it is applicable to only those goods and services that are for end use or for consumption and not for the industrial goods or services.
The consumer credit is the amount of credit taken for all consumer goods and services except home mortgages.

Conclusion

Thus, consumer credit is the credit taken for the consumables items that includes services as well and may include the component of interest.

Answer 6

Chapter 6, Problem 6.1PQ1

Summary Introduction

To explain:

The meaning of consumer credit.

Introduction:

Consumer credit refers to the arrangement of consuming goods and service without making any payment for them at the time of purchasing but sometime in the near future. It may include a component of interest if the payment has not been made till some specific time period.

Expert Solution & Answer

Explanation of Solution

Consumer credit is the arrangement of goods and services to consume them before paying for them and the payment for those goods and services will be made later.

As the name suggests, it is applicable to only those goods and services that are for end use or for consumption and not for the industrial goods or services.
The consumer credit is the amount of credit taken for all consumer goods and services except home mortgages.

Conclusion

Thus, consumer credit is the credit taken for the consumables items that includes services as well and may include the component of interest.

Answer 7

Chapter 6, Problem 6.1PQ1

Summary Introduction

To explain:

The meaning of consumer credit.

Introduction:

Consumer credit refers to the arrangement of consuming goods and service without making any payment for them at the time of purchasing but sometime in the near future. It may include a component of interest if the payment has not been made till some specific time period.

Answer 8

Expert Solution & Answer

Explanation of Solution

Consumer credit is the arrangement of goods and services to consume them before paying for them and the payment for those goods and services will be made later.

As the name suggests, it is applicable to only those goods and services that are for end use or for consumption and not for the industrial goods or services.
The consumer credit is the amount of credit taken for all consumer goods and services except home mortgages.