a good example of an open-end credit is

Sunday, October 23, 2022 Edit

An example of open end credit is. An open-end credit solves this difficulty by making credit available for usage as and when needed rather than expecting the borrower to complete repayments by a fixed date.

How A Closed End Fund Works And Differs From An Open End Fund

B the mortgage loan from a savings and loan institution.

. Credit cards personal lines of credit and home equity lines of credit are examples of open-end credit. Closed-end credit includes debt instruments that are acquired for a particular purpose and a set amount of time. A secured open-end loan on the other hand is a line of credit that requires collateral for approval.

An example of open-end credit is a credit card charge The interest is usually tax deductible on a home equity loan Credit card holders are known as convenience users when they pay off their. C automobile loan from a credit union. Bthe use of a bank card to make a purchase.

False In a closed-end credit loans are made on a continuous basis and you make at. The use of bank credit card to make a purchase. Expert Answer 100 1 rating a.

A good example of an open-end credit isSelect oneaautomobile loan from a credit union. A good example of an open-end credit is. True Consumer credit is based on trust in peoples ability and willingness to pay.

An Open End Credit Example. Open-end credit is not restricted to a specific. With an open-end credit you pay back one-time loans in a specified period of time in equal amounts.

Real estate and auto loans are generally closed-end credit. True Consumer credit refers to the use of credit for personal needs except a home mortgage by individuals. The mortgage loan from a savings and loan institution.

Automobile loan from a credit union. The use of bank credit card to make a purchase is the best example for an open-end credit. The use of a bank credit card to make a purchase.

Along with all credit a good example of an open end credit is determined without other. 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. Home equity lines of credit HELOC and credit cards on the other hand are examples of open-end credit.

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. The mortgage loan from a savings and. With some forms of open-end credit theres no end date.

Study with Quizlet and memorize flashcards containing terms like Installment credit in which the debt is repaid in equal installments over a specified period of time exploded on the American. One of the reasons why an open-end credit is preferred is that it makes money available to borrowers if and when it is needed. A installment loan from a furniture store.

A secured credit card and home equity line of credit are examples of. Advantages of Open Credit. Also by staying 30 or below of your credit limit greatly improves your credit score so in time your credit limit can be raised.

A good example of an open-end credit is A. Borrowers with an open-end credit account can make repeated.

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