With regard to a line of credit, which of the following statements is/are true? 1. It is an effective means of accessing cash on an as-needed basis because interest charges only apply when there is an outstanding balance 2. An individual must complete a credit application and be approved each time funds are accessed through the line of credit 3. Lending institutions usually apply restrictions as to how funds obtained through a line of credit can be spent 4. Typically, the borrower is permitted to carry an outstanding balance and is required to make only a minimum monthly payment Question 19 options: 1 and 2 1 and 4 2 and 3 2 and 4