an example of open-end credit is a(n) ____
Ebony saw the ad for 30 days same as cash and thought this option would work well for her. A department store credit card 2.
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A good example of an open-end credit is A the use of a bank credit card to make a purchase.
. Who are the experts. Installment loan for purchasing furniture D. 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.
Examples of an Open-End Loan. A credit card b. Which of the following is an example of open-end credit.
As you repay what youve borrowed you can draw from the credit line again and again. Open End Credit This is a type of credit loan paid on installments in. The mortgage loan from a savings and loan institution.
For example you may. Single lump-sum credit b. Credit card of credit.
A home equity line of credit is an example of open-end credit. Regulation Z provides examples applicable to. False not borrowing a specific amount True or False.
We review their content and use your feedback to keep the quality high. It helps borrowers to have control over when and how much they borrow. 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.
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. Installment loan for purchasing a major appliance. A direct loan for personal purposes home improvements or vacation expenses is called a.
Another source of credit is credit card companies like visa mastercard American express and discover. A the use of a bank credit card to make a purchase. 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.
How Open-End Credit Works. Generally closed-end credit has a better interest rate than that of open-ended credit because closed-end credit is less risky insomuch as there is a limit on how much credit may be utilized. This problem has been solved.
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. 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. Department store credit card C.
Experts are tested by Chegg as specialists in their subject area. To better understand open-end credit it helps to know what closed-end credit means. With a closed-end loan you borrow a specific amount of money for a set period of time.
E installment loan for purchasing a major appliance. Open-end credit allows or enables borrowers to purchase repeatedly with an open end credit line. A ____ of credit is an example of an open-end credit.
Laminiaduo7 and 9 more users found this answer helpful. True The effective annual rate of interest on a loan based on a specific calculation as set forth by law. Annual Percentage Rate APR What is the term for someone who pays their credit card balance in full each month.
Which of the following is an example of open-end credit. C automobile loan from a credit union. The use of a bank credit card to make a purchase.
Advantages Disadvantages Sources and Costs 68. Which of the following is an example of open-end credit. It is a pre-approved loan from a financial institution which controls the amount a borrower can borrow.
Automobile loan from a credit union. Common examples of open-end credit are credit cards and lines of credit. A department store credit card c.
Some of the examples are credit cards home equity loans personal lines of credit and overdraft protection on checking accounts. A mortgage loan d. B the mortgage loan from a savings and loan institution.
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. She will make 12 equal payments over the next year to pay for it. A revolving check credit c.
An automobile loan b. 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. Condition of an extension consumer credit.
Credit cards are an example of revolving open-end credit 8. 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. 147 Which of the following is an example of open-end credit.
D installment loan from a furniture store. An example of open-end credit is credit card which is very common because it gives easy. Installment loan from a furniture store.
This type of credit in which monthly. 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. A good example of an open-end credit is A.
Chapter 05 - Consumer Credit. View Test Prep - Open End Credit examples from MATH 140 at Colorado Technical University.
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