4
QuizMultiple Choice

How Credit Works — Quiz

Question 4 • Personal Finance

Which type of loan most often involves long-term repayment over 30 years?

Answer
A
personal loans
B
auto loans
C
mortgage loans
D
credit cards

Explanation

Mortgage loans are used to finance a home and commonly have repayment terms of 30 years. Personal and auto loans generally have shorter repayment periods, while credit cards do not usually have a fixed 30-year repayment term. The correct choice is mortgage loans.

AI-written and checked against the verified answer.

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