an example of open-end credit is a(n) ____
Installment loan from a furniture store. This problem has been solved.
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Summary An open credit is a financial arrangement between a lender and a borrower that allows the latter to access credit repeatedly up to a specific maximum limit.
. Some of the examples are credit cards home equity loans personal lines of credit and overdraft protection on checking accounts. In the consumer market home equity loans are an example of an open-end credit which allows homeowners to access funds based on the level of equity in the homes. 147 Which of the following is an example of open-end credit.
Which of the following is an example of open-end credit. Credit card accounts home equity lines of credit HELOC and debit cards are all common examples of open-end credit though some like the HELOC have finite payback periods. An example of open-end credit is mortgage loans as there are specific open end mortgage loans available so correct option will be C mortgage loans Automobile loans and revolving check credit are closed ended loans.
Department store credit card C. A ____ of credit is an example of an open-end credit. C automobile loan from a credit union.
A revolving check credit c. Is installment credit considered closed-end credit. Credit card of credit.
She will make 12 equal payments over the next year to pay for it. Automobile loan from a credit union. Example of an Open-End Mortgage For example assume a borrower obtains a 200000 open-end mortgage to purchase a home.
Yes an installment loan is a perfect example of closed-end credit since the amount must. View the full answer. Installment loan for purchasing a major appliance.
Open-end credit is distinguished from closed-end credit based on how the loan is provided to the borrower and whether or not the borrower can take the funds out again. The loan has a term of 30 years with a fixed interest rate of 575. Open-end credit and Closed-end credit.
Credit cards home equity loans personal lines of credit and bank account overdraft protection are all examples. E installment loan for purchasing a major appliance. D installment loan from a furniture store.
Another source of credit is credit card companies like visa mastercard American express and discover. Any sort of loan that allows you to make several withdrawals and repayments is known as open-end credit. Condition of an extension consumer credit.
Single lump-sum credit b. A credit card b. View Test Prep - Open End Credit examples from MATH 140 at Colorado Technical University.
The mortgage loan from a savings and loan institution. Which of the following is an example of open-end credit. Is a sort of credit that must be paid back in full by the end of the.
The use of a bank credit card to make a purchase. C automobile loan from a credit union. Experts are tested by Chegg as specialists in their subject area.
Who are the experts. A Single lump sum of credit B An installment loan for purchasing furniture C A mortgage loan D A department store credit card E An automobile loan A department store credit card A direct loan for personal purposes home improvements or vacation expenses is called. One source of credit is retail stores which are department stores macys neiman marcus that will give you a card that you can use only at that store.
D installment loan from a furniture store. Installment loan for purchasing furniture D. A direct loan for personal purposes home improvements or vacation expenses is called a.
A good example of an open-end credit is A the use of a bank credit card to make a purchase. For example the finance charge on a loan always includes any interest charges and often other charges such as points transaction fees or service fees. B the mortgage loan from a savings and loan institution.
A the use of a bank credit card to make a purchase. Which of the following is an example of open-end credit. Regulation Z provides examples applicable to.
A good example of an open-end credit is A. An automobile loan b. E installment loan for purchasing a major appliance.
A department store credit card 2. 7 Credit cards are an example of revolving open end credit 8 Ebony saw the ad from DC-PF 101 at Joplin High. Laminiaduo7 and 9 more users found this answer helpful.
Open End Credit This is a type of credit loan paid on installments in. A department store credit card c. A mortgage loan d.
An example of conventiona. B the mortgage loan from a savings and loan institution. AAn automobile loan BA department store credit card CAn installment loan for purchasing furniture DA mortgage loan ESingle lump-sum credit B Molly purchased a 1500 dishwasher from Best Appliances.
We review their content and use your feedback to keep the quality high. None of the above Expert Answer 1. A good example of an open-end credit is A the use of a bank credit card to make a purchase.
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