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

A direct loan for personal purposes home improvements or vacation expenses is called a. Department store credit cards.

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Home equity lines of credit or HELOCs.

. Common examples of open-end credit are credit cards and lines of credit. Approximate market value of your home. An automobile loan b.

150000 x 075 112500. Which of the following is an example of open-end credit. Which of the following is an example of open-end credit.

Week 2 Quiz Which of the following is an example of open-end credit. C automobile loan from a credit union. 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.

Automobile loan from a credit union. Open-end credit is A. Example problem for how much you can borrow using a Home Equity Loan.

Open-end credit examples The following are all types of open-end credit. An automobile loan b. View the full answer Previous question Next question.

Single lump-sum credit b. Pledged to a company as security for a loan repayment. Open-end loans can also take the form of credit cards or home equity lines of credit.

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. She will make 12 equal payments over the next year to pay for it. A department store credit card c.

True The effective annual rate of interest on a loan based on a specific calculation as set forth by law. A good example of an open-end credit is A the use of a bank credit card to make a purchase. Finance questions and answers.

A home equity line of credit is an example of open-end credit. 1 Examples of an Open-End Loan 11 Line of Credit 12 Credit Cards 13 Home Equity Lines of Credit 2 Open-End Credit vs. How Open-End Credit Works.

Is a sort of credit that must be paid back in full by the end of the. A mortgage loan d. Open-end credit and Closed-end credit.

A credit card b. E installment loan for purchasing a major appliance. An example of conventiona.

Closed-End Credit 3 Benefits of an Open-End Loan Examples of an Open-End Loan A common type of open-end loan is a line of credit. Subtract Balance due on Mortgage in this example 75000 is left 112500 - 75000 37500. An installment loan for purchasing furniture d.

C automobile loan from a credit union. Any sort of loan that allows you to make several withdrawals and repayments is known as open-end credit. A the use of a bank credit card to make a purchase.

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 This is a type of credit loan paid on installments in which the total amount borrowed may change over time and is fixed. D installment loan from a furniture store.

A loan given for a short period of time that is not dependent on credit history. Like a traditional mortgage loan it gives the borrower enough cash to purchase a home. Lets assume a lender will loan 75 of your homes current market value.

For example there are separate rules for closed-end credit such as automobile or home mortgage loans and for open-end credit such as credit cards or home equity lines of credit. Installment loan for purchasing a major appliance. 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.

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. Single lump-sum credit A direct loan for personal purposes home improvements or vacation expenses is called. As you repay what youve borrowed you can draw from the credit line again and again.

D installment loan from a furniture store. An installment cash credit. An amount of time during which a loan can be repaid without interest.

But in this case it allows the borrower to increase the amount of the loan at a. The mortgage loan from a savings and loan institutionC. A ____ of credit is an example of an open-end credit.

A good example of an open-end credit is A 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. 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.

B the mortgage loan from a savings and loan institution. A revolving check credit c. Periodic payments are made until the loan is paid.

A department store credit card c. A department store credit card 2. A revolving check credit c.

A credit card b. Different Ways to Calculate 1. Which of the following is an example of open-end credit.

None of the above Expert Answer 1. Installment loan from a furniture storeE. A mortgage loan d.

A department store credit card c. The use of a bank credit card to make a purchase. B the mortgage loan from a savings and loan institution.

E installment loan for purchasing a major appliance. A good example of an open-end credit isA. An automobile loan b.

Credit cards home equity loans personal lines of credit and bank account overdraft protection are all examples.

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