Define the following key terms: a. Closed-end credit b. Open-end credit c. Line of credit d. Interest
Question:
Define the following key terms:
a. Closed-end credit
b. Open-end credit
d. Interest
e. Finance charge
Line of CreditA line of credit (LOC) is a preset borrowing limit that can be used at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. A LOC is...
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a Closedend credit Onetime loan paid back in a specified time in payments ...View the full answer
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Related Book For 
Focus On Personal Finance
ISBN: 9780077861742
5th Edition
Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
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