4. What is a typical repayment structure for an installment loan? 1. You can borrow and repay any amount at any time. 2. You pay only the interest each month. 3. You make a single payment at the end of the Joan term. 4. You pay a fixed amount each month until the loan is paid off.

The correct answer is **4. You pay a fixed amount each month until the loan is paid off.**<br /><br />An installment loan is characterized by regular, fixed payments over a set period. These payments include both principal and interest, gradually reducing the loan balance until it reaches zero.<br />