What is a closed line of credit?

a. A line of credit with a set maximum credit limit.

b. A line of credit with no interest rate.

c. A line of credit with a fixed total amount.

d. A line of credit with a legally mandated repayment schedule.

Question

Ocean

Mathematics

22 March, 04:33

What is a closed line of credit?

a. A line of credit with a set maximum credit limit.

b. A line of credit with no interest rate.

c. A line of credit with a fixed total amount.

d. A line of credit with a legally mandated repayment schedule.

+2

Answers (2)

Know the Answer?

Boo · Answer 1

option C is correct, i. e. A line of credit with a fixed total amount.

Step-by-step explanation:

A closed line of credit means its total repayment is fixed that includes all the charges like finance charges or any interest if applicable. It must be repaid in full amount by the end of the billing cycle. As per the signing of the contract, it has a fixed total amount. So it means "A line of credit with a fixed total amount."

Hence, option C is correct, i. e. A line of credit with a fixed total amount.

Alexis · Answer 2

Closed line of circuit is also known as Closed end credit, the answer is D ...

What is a closed line of credit?a. A line of credit with a set maximum credit limit.b. A line of credit with no interest rate.c. A line of credit with a fixed total amount.d. A line of credit with a legally mandated repayment schedule.

What is a closed line of credit?

a. A line of credit with a set maximum credit limit.

b. A line of credit with no interest rate.

c. A line of credit with a fixed total amount.

d. A line of credit with a legally mandated repayment schedule.