djsquire390 djsquire390
  • 03-05-2020
  • Mathematics
contestada

Which is an example of closed-end credit?

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APerson77 APerson77
  • 03-05-2020

Mortgages and car loans. For example, if a customer fails to repay an auto loan, the bank may seize the vehicle as compensation.

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myivoryflower myivoryflower
  • 03-05-2020

Answer:

Closed end credit is a loan for a stated amount that must be repaid in full by a certain date. Closed end credit has a set payment amount every month. An example of closed end credit is a car loan. Another source of credit is credit card companies like visa, mastercard, American express, and discover.

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