an example of open-end credit is a(n) ____
Examples of an Open-End Loan. An example of conventiona.
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A ____ of credit is an example of an open-end credit.
. Regulation Z provides examples applicable to. E installment loan for purchasing a major appliance. C automobile loan from a credit union.
A direct loan for personal purposes home improvements or vacation expenses is called. Similarly assume a transaction in which the person extending open-end credit is a financial institution under 10032g but is not a creditor under Regulation Z 10262a17. 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.
Installment loan from a furniture store. E installment loan for purchasing a major appliance. Is installment credit considered closed-end credit.
D installment loan from a furniture store. A good example of an open-end credit is A the use of a bank credit card to make a purchase. 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.
Ebony saw the ad for 30 days same as cash and. Yes an installment loan is a perfect example of closed-end credit since the amount must. 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.
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. The issuing bank. The mortgage loan from a savings and loan institution.
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.
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. AAn automobile loan BA department store credit card CAn installment loan for purchasing furniture. 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.
Condition of an extension consumer credit. C automobile loan from a credit union. Who are the experts.
Credit card of credit. Automobile loan from a credit union. B the mortgage loan from a savings and loan institution.
A good example of an open-end credit is A the use of a bank credit card to make a purchase. Experts are tested by Chegg as specialists in their subject area. Which of the following is an example of open-end credit.
Laminiaduo7 and 9 more users found this answer helpful. Credit cards are an example of revolving open-end credit 8. 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.
Common examples of open-end credit are credit cards and lines of credit. A department store credit card c. View the full answer.
Department store credit card C. Installment loan for purchasing a major appliance. This problem has been solved.
Is a sort of credit that must be paid back in full by the end of the. Credit cards home equity loans personal lines of credit and bank account overdraft protection are all examples. A good example of an open-end credit is A.
As you repay what youve borrowed you can draw from the credit line again and again. 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. 147 Which of the following is an example of open-end credit.
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. Another source of credit is credit card companies like visa mastercard American express and discover. An automobile loan b.
B the mortgage loan from a savings and loan institution. We review their content and use your feedback to keep the quality high. A department store credit card.
The use of a bank credit card to make a purchase. Which of the following is an example of open-end credit. D installment loan from a furniture store.
In this example the transaction is an open-end line of credit under Regulation C provided the other requirements of 10032o are met. Installment loan for purchasing furniture D. A mortgage loan d.
How Open-End Credit Works. Open-end credit and Closed-end credit. Any sort of loan that allows you to make several withdrawals and repayments is known as open-end credit.
Open End Credit This is a type of credit loan paid on installments in which the total amount borrowed may.
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