Scott borrowed $2,500 today. The loan agreement requires him to repay $2,685 in one lump sum payment one year from now. This type of loan is referred to as a(n).a. interest-only loan. b. pure discount loan. c. quoted rate loan. d. compound interest loan. e. amortized loan.

Pure discount loan

Explanation:

The pure discount loan is the easiest and simplest type of loan. In the pure discount loan, the borrower receives the fund today and repays the fund as a single lump sum in the future. An example of pure discount loans are treasury bills.

Since Scott borrowed $2500 and he's expected to pay $2685 at once as a lump sum a year after he borrowed the money, it's a example of pure discount loan.

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