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Which would be considered closed-end credit situations? Check all that apply.

A. Jason bought a used car and got a loan from his credit union.
B. The Overtons bought a new home and mortgaged it for 30 years.
C. Samantha got her first credit card at age 18 with a credit limit of [tex]$300.
D. Tammy borrowed $[/tex]40,000 in school loans to be paid back in 5 years.
E. Tim always pays his credit card balance in full each month.



Answer :

GinnyAnswer

Final answer:

Closed-end credit situations include car loans, mortgages, and fixed-term student loans.


Explanation:

Closed-end credit situations involve loans that have a specified repayment period and a fixed amount borrowed, such as car loans, mortgages, and student loans with set terms. The following scenarios would be considered closed-end credit situations:

  • Jason buying a used car and getting a loan from his credit union.
  • The Overtons buying a new home and mortgaging it for 30 years.
  • Tammy borrowing $40,000 for school loans to be paid back in 5 years.

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