an example of open-end credit is a(n) ____
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.
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Which of the following is an example of open-end credit.
. E installment loan for purchasing a major appliance. A mortgage loan d. View Test Prep - Open End Credit examples from MATH 140 at Colorado Technical University.
Is a sort of credit that must be paid back in full by the end of the. 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. Condition of an extension consumer credit.
D installment loan from a furniture store. Open-end credit and Closed-end credit. Installment loan for purchasing furniture D.
Credit cards home equity loans personal lines of credit and bank account overdraft protection are all examples. 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.
A good example of an open-end credit is A. 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. The use of a bank credit card to make a purchase.
To better understand open-end credit it helps to know what closed-end credit means. Open-end credit is a preapproved loan between a financial institutionand borrower that may be used repeatedly up to a certain limit and can subsequently be paid back prior to payments coming due. Any sort of loan that allows you to make several withdrawals and repayments is known as open-end credit.
Is installment credit considered closed-end credit. 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. Installment loan from a furniture store.
Open-end credit also is referr. B the mortgage loan from a savings and loan institution. 147 Which of the following is an example of open-end credit.
The mortgage loan from a savings and loan institution. Department store credit card C. Example of an Open-End Mortgage For example assume a borrower obtains a 200000 open-end mortgage to purchase a home.
Installment loan for purchasing a major appliance. A department store credit card c. A good example of an open-end credit is A the use of a bank credit card to make a purchase.
An automobile loan b. Regulation Z provides examples applicable to. AAn automobile loan BA department store credit card CAn installment loan for purchasing furniture.
A ____ of credit is an example of an open-end credit. C automobile loan from a credit union. A direct loan for personal purposes home improvements or vacation expenses is called.
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. Yes an installment loan is a perfect example of closed-end credit since the amount must. We review their content and use your feedback to keep the quality high.
C automobile loan from a credit union. The preapproved amount will be set out in the agreement between the lender and the borrower. 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.
D installment loan from a furniture store. Another source of credit is credit card companies like visa mastercard American express and discover. A department store credit card.
Credit card of credit. Who are the experts. With a closed-end loan you borrow a specific amount of money.
Laminiaduo7 and 9 more users found this answer helpful. A good example of an open-end credit is A the use of a bank credit card to make a purchase. The issuing bank.
Which of the following is an example of open-end credit. B the mortgage loan from a savings and loan institution. Which of the following is an example of open-end credit.
Automobile loan from a credit union. Open End Credit This is a type of credit loan paid on installments in which the total amount borrowed may. This problem has been solved.
7 Credit cards are an example of revolving open end credit 8 Ebony saw the ad from DC-PF 101 at Joplin High. Experts are tested by Chegg as specialists in their subject area. E installment loan for purchasing a major appliance.
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