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Understanding Different Types of Credit
Check
Sort each scenario into the correct category based on the type of credit it represents.
title loan with collateral
Easy-Access Credit
Open-End Credit
V
Closed-End Credit
car loan
two-week payday loan
credit card
home loan
$2000 monthly line of credit
) Intro
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Understanding Different Types of Credit Check Sort each scenario into the correct category based on the type of credit it represents title loan with collateral class=

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Answer:

EASY-ACCESS CREDIT:

1. title loan with collateral

2. two-week payday loan

OPEN-END CREDIT:

1. Credit card

2. $2000 monthly line of credit

CLOSE-END CREDIT:

1. home loan

2. car loan

The division of category on the basis of type of credit would be as follows:

Easy-Access Credit

1. Title loan with collateral

2. Two-week payday loan

OPEN-END CREDIT:

1. Credit card

2. $2000 monthly line of credit

CLOSE-END CREDIT:

1. Home loan

2. Car loan

Collateral Credit

Credit is described as the amount that has been added to a specific account.

Easy-access credit is defined as the credit that is granted for an extremely short period of time and for such loans, the interests are extremely high.

While the open credit keeps the amount lent on repeat which is set at a particular limit(maximum).

Close-end credit in which the amount remains specified initially while it is being lent.

Learn more about "Credit" here:

brainly.com/question/1995705

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