Jake Smith uses a Single lump-sum credit.
What is a single lump-sum credit?
- One sort of credit that consumers might get is a single payment credit.
- A lender gives a qualified borrower a lump sum of money. After a predetermined amount of time, which is one payment, the entire loan principal is repaid.
- When one sum of money is used to purchase a collection of things, the term "lump sum payment" is frequently used.
- The inventory and equipment of a small factory going out of business, for instance, might be purchased by a corporation for $50,000. No other information was provided in the transaction. The $50,000 is being paid in one big sum.
Who is eligible for lump sum?
- Retirees who haven't made the necessary 120 monthly contributions are given a lump sum payment.
- It is the entire amount of employer and member contributions, interest included. a monetary payment made over the course of a retiree's lifetime after they have made at least 120 monthly contributions before their semester of retirement.
Jake Smith uses a Single lump-sum credit.
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