The statement that completes the definition is (d) down payment
How to complete the definition?
From the question, we have the following highlights:
- The payment decreases the amount of loan
- The payment is used for purchase
When a part payment is made to procure an item, the part payment is referred to as a down payment
The down payment fits the highlights (1) and (2) stated above
Hence, the statement that completes the definition is (d) down payment
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