open end credit is brainly
C the ability to buy large items earlier. The pre-approved amount will be set out in the agreement between the lender and the borrower.
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A the ability to cover cash flow shortages.
. Open-end wrenches are used for common nuts and bolts. Open-end credit is also known as a line of credit. Credit checks are not required and there are large fees associated with this type of loan.
Open end credit is when a borrower can spend up to a certain amount. Scroll down until you reach Subscriptions. D convenience in making day-to-day transactions.
This has varying payment depending on how much you spend. Combination wrenches combine the functions of both open-end and box wrenches. Youre also likely to find adjustable wrenches and socket.
Also the loan terms cannot be modified. Select Brainly Plus from your list of subscriptions. The most commonly used types for home use include open-end wrenches and box wrenches.
Glossary of Banking and Credit Terms. With open-end or revolving credit loans are made on a continuous basis as you purchase items and you are billed periodically to make at least partial payment. The Brainly community is constantly buzzing with the excitement of endless collaboration proving that learning is more fun and more effective when we put our heads together.
Be familiar with these basic banking and credit terms. How To Cancel Brainly Plus on the Company Website. You can begin to build a credit history by using utility services.
The lender did not need her credit history. Up to 10 cash back The Basics of Closed-End Credit. If you signed up for Brainly Plus on their website you can cancel your subscription from your account.
Open-end credit A last resort legal process in which some or all of the assets of a debtor are distributed among creditors because the debtor is unable to pay hisher debts bankruptcy. However the interest rates and terms vary by company and industry. B increases the number of checks written.
Easy-access credit is credit that is easy to gain. Maura had to get a 350 emergency loan at a very high interest rate to pay for dental work. Your Brainly username email or Apple private relay email linked to your Brainly Plus subscription The first and last name of the cardholder The last 4 digits of the credit card that was used to purchase your subscription.
Advantages of using credit are all of the following except. What is closed end credit Closed end credit is a loan for a stated amount that must be repaid in full by a certain date. Tap the three horizontal lines to open Menu.
Help the community by sharing what you know. A pre-approved loan between a financial institution and borrower that may be used repeatedly up to a certain limit and can subsequently be paid back prior to payments coming due. Box wrenches have ends designed to turn hex and square bolts.
Follow the steps to finalize the process. One example of open end credit is credit cards. Open credit is a type of credit that requires full payment for each period such as per month.
Using a credit card issued by a store a bank card such as VISA or MasterCard or overdraft protection are examples of open-end credit. An example of this would be a credit card or home equity line of credit. It is a loan that a borrower can use repeatedly up to a specified limit.
An open-ended credit account also known as a revolving account is a credit plan in which the creditor has a reasonable expectation of repeated transactions stipulates the terms of those transactions and provides. With closed-end credit both the interest rate and monthly payments are fixed. Raina says the loan is an example of easy-access credit while maura says it is an example of open-end credit.
If she does not pay back the loan within three weeks she will have to pay an extra 50. Answering questions also helps you learn. Unlike open-end credit closed-end credit does not revolve or offer available credit.
Which statement about the loan is. You can borrow up to a maximum amount similar to a credit card limit but you are required to pay the funds borrowed in full at the end of each period.
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