Which would be considered closed-end credit situations? Check all that apply.

1) Jason bought a used car and got a loan from his credit union.

2) The Overtons bought a new home and mortgaged it for 30 years.

3) Samantha got her first credit card at age 18 with a credit limit of $300.

4) Tammy borrowed $40,000 in school loans to be paid back in 5 years.

5) Tim always pays his credit card balance in full each month.

Question

Manuel

Business

11 October, 05:31

Which would be considered closed-end credit situations? Check all that apply.

1) Jason bought a used car and got a loan from his credit union.

2) The Overtons bought a new home and mortgaged it for 30 years.

3) Samantha got her first credit card at age 18 with a credit limit of $300.

4) Tammy borrowed $40,000 in school loans to be paid back in 5 years.

5) Tim always pays his credit card balance in full each month.

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Answers (1)

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Jamari Roach · Answer 1

Jason bought a used car and got a loan from his credit union

The Overtons bought a new home and mortgaged it for 30 years.

Tammy borrowed $40,000 in school loans to be paid back in 5 years.