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

In revolver debt the borrower has constant credit access up to the maximum. E installment loan for purchasing a major appliance.

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Open-end loans can also take the form of credit cards or home equity lines of credit.

. In this case Peter borrowed 225 but paid an interest of 20 and 3 as service charge. Example problem for how much you can borrow using a Home Equity Loan. A mortgage loan d.

With open-end loans borrowers can spend money up to a. D installment loan from a furniture store. Approximate market value of your home.

Credit cards are the most common form of open-end credit. An automobile loan b. An amount of time during which a loan can be repaid without interest.

View Test Prep - Week 2 Quiz from BUS ACCOUNTING at California State University Monterey Bay. Which of the following is an example. Essentially if the card issuer remains in business and the account remains in good standing your open-end credit could be.

Credit cards home equity loans personal lines of credit and bank account overdraft protection are all examples. Installment loan for purchasing a major appliance. Pledged to a company as security for a loan repayment.

A good example of an open-end credit is A the use of a bank credit card to make a purchase. You can borrow up to a maximum amount similar to a credit card limit but you are required to pay the funds borrowed in full at the end of each period. AAn automobile loan BA department store credit card CAn installment loan for purchasing furniture.

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. 150000 x 075 112500. A good example of an open-end credit is A the use of a bank credit card to make a purchase.

Subtract Balance due on Mortgage in this example 75000 is left 112500 - 75000 37500. Different Ways to Calculate 1. Any sort of loan that allows you to make several withdrawals and repayments is known as open-end 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. A loan given for a short period of time that is not dependent on credit history. Which of the following is an example of open-end credit.

With some forms of open-end credit theres no end date. Lets assume a lender will loan 75 of your homes current market value. Week 2 Quiz Which of the following is an example of open-end credit.

E installment loan for purchasing a major appliance. Week 2 Quiz 1. Periodic payments are made until the loan is paid.

A common type of open-end loan is a line of credit. It enables the cardholder to make basic transaction at the point of sale. B the mortgage loan from a savings and loan institution.

Finance questions and answers. Automobile loan from a credit union. 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.

Is a sort of credit that must be paid back in full by the end of the. 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. A ____ of credit is an example of an open-end credit.

Open-end credit is A. Both the interest and service charge are finance charges. A home equity line of credit is an example of open-end credit.

Open credit is a type of credit that requires full payment for each period such as per month. Credit cards refer to a card issued by a financial institution which allows a cardholder to borrow money against a line of 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.

Tanya received a 1000 loan from the bank for a vacation. Installment loan from a furniture store. The issuing bank.

D installment loan from a furniture store. But in this case it allows the borrower to increase the amount of the loan at a. 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. C automobile loan from a credit union. The bank is using.

The mortgage loan from a savings and loan institution. C automobile loan from a credit union. Open-end credit and Closed-end credit.

B the mortgage loan from a savings and loan institution. A good example of an open-end credit is A. A department store credit card c.

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. Like a traditional mortgage loan it gives the borrower enough cash to purchase a home. Examples of an Open-End Loan.

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