What is true about open-end credit? A. It is not typically used for a single purchase but for many purchases over a period of time. B. This type of credit is sometimes referred to as a consumer loan. C. This type of credit is commonly used for big ticket things like mortgages or car loans. D. Payments typically stay the same amount from month to month

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13-05-2022
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What is true about open-end credit? A. It is not typically used for a single purchase but for many purchases over a period of time. B. This type of credit is sometimes referred to as a consumer loan. C. This type of credit is commonly used for big ticket things like mortgages or car loans. D. Payments typically stay the same amount from month to month

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vktanonymous vktanonymous · Answer 1 · 2022-05-27T13:30:56+02:00

The option A and D is true about open-end credit because they mention that,

A) It is not typically used for a single purchase, but for many purchases over a period of time.

D) Payments typically stay the same amount from month to month.

What is open end credit?

Open-end credit, also called revolving credit, can be defined as a line of credit that gives the borrower a certain limit of credit and the ability to frequently borrow as little or as much of that money and repay any amount utilized below the set limit within a specified period.

With an open-end credit, the borrower has access to the whole credit limit, or full amount, once approved.

Thus, option A and D are true.

Learn more about Open-end credit here,

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