Answered

Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Ask your questions and receive precise answers from experienced professionals across different disciplines. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

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

A. Jason bought a used car and got a loan from his credit union.
B. The Overtons bought a new home and mortgaged it for 30 years.
C. Samantha got her first credit card at age 18 with a credit limit of [tex]$300.
D. Tammy borrowed $[/tex]40,000 in school loans to be paid back in 5 years.
E. Tim always pays his credit card balance in full each month.

Sagot :

GinnyAnswer

Final answer:

Closed-end credit situations include car loans, mortgages, and fixed-term student loans.


Explanation:

Closed-end credit situations involve loans that have a specified repayment period and a fixed amount borrowed, such as car loans, mortgages, and student loans with set terms. The following scenarios would be considered closed-end credit situations:

  • Jason buying a used car and getting a loan from his credit union.
  • The Overtons buying a new home and mortgaging it for 30 years.
  • Tammy borrowing $40,000 for school loans to be paid back in 5 years.

Learn more about Credit transactions here:

https://brainly.com/question/36909563


Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.