an example of open-end credit is a(n) ____

This problem has been solved. Another source of credit is credit card companies like visa mastercard American express and discover.

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E installment loan for purchasing a major appliance.

. Which of the following is an example of open-end credit. A mortgage loan d. Who are the experts.

B the mortgage loan from a savings and loan institution. A ____ of credit is an example of an open-end credit. Automobile loan from a credit union.

A common type of open-end loan is a line of creditOpen-end loans can also take the form of credit cards or home equity lines of creditWith open-end loans borrowers can spend money up to a. Experts are tested by Chegg as specialists in their subject area. A department store credit card c.

We review their content and use your feedback to keep the quality high. The issuing bank. 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. You can borrow up to a maximum amount similar to a credit card limit but you are required to pay the funds borrowed in full at the end of each period.

As you repay what youve borrowed you can draw from the credit line again and again. The use of a bank credit card to make a purchase. 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.

Installment loan for purchasing a major appliance. C automobile loan from a credit union. Open credit is a type of credit that requires full payment for each period such as per month.

How Open-End Credit Works. An example of conventiona. A direct loan for personal purposes home improvements or vacation expenses is called.

Department store credit card C. AAn automobile loan BA department store credit card CAn installment loan for purchasing furniture. Condition of an extension consumer credit.

Which of the following is an example of open-end credit. 7 credit cards are an example of revolving open end. View Test Prep - Open End Credit examples from MATH 140 at Colorado Technical University.

Yes an installment loan is a perfect example of closed-end credit since the amount must. Credit cards are an example of revolving open-end credit 8. With open-end credit you receive a credit line with a limit that you can draw from as needed only paying interest on what you borrow.

In revolver debt the borrower has constant credit access up to the maximum. Open-end credit and Closed-end credit. A department store credit card.

Open End Credit This is a type of credit loan paid on installments in. Which of the following is an example of open-end credit. 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.

To better understand open-end credit it helps to know what closed-end credit means. View the full answer. 147 Which of the following is an example of open-end credit.

With a closed-end loan you borrow a specific amount of money. Common examples of open-end credit are credit cards and lines of credit. 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.

A good example of an open-end credit is A. An automobile loan b. Regulation Z provides examples applicable to.

The mortgage loan from a savings and loan institution. 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.

Is a sort of credit that must be paid back in full by the end of the. Installment loan for purchasing furniture D. D installment loan from a furniture store.

Ebony saw the ad for 30 days same as cash and thought this option. 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. 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.

Laminiaduo7 and 9 more users found this answer helpful. B the mortgage loan from a savings and loan institution. Any sort of loan that allows you to make several withdrawals and repayments is known as open-end credit.

Examples of an Open-End Loan. C automobile loan from a credit union. Is installment credit considered closed-end credit.

A good example of an open-end credit is A the use of a bank credit card to make a purchase. A good example of an open-end credit is A the use of a bank credit card to make a purchase. Credit card of credit.

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.

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