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

Finance questions and answers. Open-end credit is A.

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Closed end credit has a set payment amount every month.

. B the mortgage loan from a savings and loan institution. A good example of an open-end credit isA. An example of open-end credit is aautomobile loans binstallment sales credit cmortgage loans drevolving check credit 11.

Similar to a credit card limit but you. Any sort of loan that allows you to make several withdrawals and repayments is known as open-end credit. A good example of an open-end credit is A the use of a bank credit card to make a purchase.

Which of the following is an example of a conventional mortgage. An open-end mortgage is a unique type of home loan in that the borrower has the opportunity to use the funds from the loan as needed even after they purchase the property. Automobile loan from a credit.

With a closed-end loan you borrow a specific amount of money for a set period of. Closed end credit is a loan for a stated amount that must be repaid in full by a certain date. View Test Prep - Open End Credit examples from MATH 140 at Colorado Technical University.

A fixed rate mortgage d. Week 2 Quiz 1. A good example of an open-end credit is A the use of a bank credit card to make a purchase.

Open End Credit This is a type of credit loan paid on installments in which the total amount. Credit enables people to purchase goods or services using borrowed money. The 3 main types of credit are revolving credit installment and open credit.

Both the interest and service charge are finance charges. AAn automobile loan BA department store credit card CAn installment loan for purchasing furniture DA mortgage loan ESingle. The mortgage loan from a savings and loan institutionC.

Pledged to a company as security for a loan repayment. Open-end credit is a preapproved loan between a financial institutionand borrower that may be used repeatedly up to a certain limit. An FHA mortgage b.

C automobile loan from a credit union. B the mortgage loan from a savings and loan institution. Open-end credit is not restricted to a specific use.

The use of a bank credit card to make a purchase. A ____ of credit is an example of an open-end credit. Open-end credit and Closed-end credit.

For example with a credit card you can repay your balance and reborrow as long as the card issuer allows you to continue using the credit product. A buy down c. Essentially if the card issuer remains in business and the account remains in good standing your open-end credit could be.

In this case Peter borrowed 225 but paid an interest of 20 and 3 as service charge. A credit card that requires you to maintain funds in a savings account from which the credit card bank will take money if you fail to pay your card balance. A loan given for a short period of time that is not dependent on credit history.

C automobile loan from a credit union. Closed-end credit includes debt instruments that are acquired for a particular purpose and a set amount of time. Which of the following is an example of open-end credit.

View Test Prep - Week 2 Quiz from BUS ACCOUNTING at California State University Monterey Bay. With some forms of open-end credit theres no end date. A secured credit card True or False.

An open-end loan also sometimes referred to as open-end credit is a form of borrowing that can be used up to a certain limit before it must be repaid. 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. A line of credit is a type of open-end credit.

To better understand open-end credit it helps to know what closed-end credit means. Which of the following is an example of open-end credit. The borrower is able.

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