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8th Edition

Robert Brechner + 1 other

Publisher: Cengage Learning

ISBN: 9781305585447

Chapter 13, Problem 1CR

Textbook Problem

____ credit is a loan arrangement in which there is no set number of payments. (13-1)

Expert Solution

To determine

**To fill:** The blanks provided for the statement, “_____ credit is a loan arrangement in which there is no set number of payments.”

**Solution:**

__Open-end__ credit is a loan arrangement in which there is no set number of payments.

Open-end credit is a loan which is preapproved.

It takes place between the financial institution and a borrower that can be used repeatedly but to a certain limit.

It is an advantage for the borrowers as they can control the money they can borrow.

It has two forms: a loan or a credit card.

Hence, the Open-end credit is a loan arrangement in which there is no set number of payments.

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Contemporary Mathematics for Business & Consumers

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