When I remove a payment profile will I still be able do install my purchased apps? I purchased a few apps a few years ago, and my credit card expired a long time ago. So if i close my payment profile on google play will I still be able to install the apps I purchased?
It appears you are confusing payment method with payment profile

If you close your payment profile then you can't install earlier purchased apps as explained in Google payments center help


When you close this profile, the service(s) below will be canceled:

Google Play Apps

YouTube

Google Play Movies




Instead, Add, edit, or remove a payment method