Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The major difference between a line of credit and a revolving credit line is: A) 33 The bank makes no commitment to actually loan money

image text in transcribed

The major difference between a "line of credit" and a "revolving credit line" is: A) 33 The bank makes no commitment to actually loan money under the line of credit but it does under the revolving credit line A line of credit generally for a longer maturity than a revolving credit line. A line of credit requires the payment of a commitment fee by the borrower while the revolving does not. B) C) D) A line of credit requires approval while a revolving credit line does not

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions