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

Both the interest and service charge are finance charges. A good example of an open-end credit is A.

Fin 730 Module 2 Problem Set 2 Flashcards Chegg Com

A home equity line of credit is an example of open-end credit.

. A loan given for a short period of time that is not dependent on credit history. B the mortgage loan from a savings and loan institution. A ____ of credit is an example of an open-end credit.

Finance questions and answers. Open-end loans can also take the form of credit cards or home equity lines of credit. A good example of an open-end credit is A the use of a bank credit card to make a purchase.

In this case Peter borrowed 225 but paid an interest of 20 and 3 as service charge. AAn automobile loan BA department store credit card CAn installment loan for purchasing furniture DA mortgage loan ESingle. A good example of an open-end credit is A the use of a bank credit card to make a purchase.

Open credit is a type of credit that requires full payment for each period such as per month. Approximate market value of your home. C automobile loan from a credit union.

View Test Prep - Week 2 Quiz from BUS ACCOUNTING at California State University Monterey Bay. Example problem for how much you can borrow using a Home Equity Loan. B the mortgage loan from a savings and loan institution.

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. Any sort of loan that allows you to make several withdrawals and repayments is known as open-end credit. In revolver debt the borrower has constant credit access up to the maximum.

With a closed-end loan you borrow a specific amount of money for a set period of time. The use of a bank credit card to make a purchase. True The effective annual rate of interest on a loan based on a specific calculation as set forth by law.

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. A Single lump sum of credit B An installment loan for purchasing furniture C A mortgage loan D A department store credit card. 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 change over time and is fixed. C automobile loan from a credit union. Open-end credit and Closed-end credit.

Closed end credit has a set payment amount every month. Which of the following is an example of open-end credit. 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.

Open-end credit is A. Pledged to a company as security for a loan repayment. Week 2 Quiz 1.

To better understand open-end credit it helps to know what closed-end credit means. Examples of an Open-End Loan. 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.

Closed end credit is a loan for a stated amount that must be repaid in full by a certain date. Which of the following is an example of open-end credit. Which of the following is an example of open-end credit.

The mortgage loan from a savings and loan institution. A common type of open-end loan is a line of credit. Periodic payments are made until the loan is.

Lets assume a lender will loan 75 of your homes current.

Csci Exam 2 Flashcards Quizlet