BuyFind

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447
BuyFind

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447

Solutions

Chapter
Section
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.”

Answer to Problem 1CR

Solution:

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

Explanation of Solution

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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Chapter 13 Solutions

Contemporary Mathematics for Business & Consumers
Ch. 13.I - Kathy Hansen has a revolving credit account. The...Ch. 13.I - Kathy Hansen has a revolving credit account. The...Ch. 13.I - Kathy Hansen has a revolving credit account. The...Ch. 13.I - Kathy Hansen has a revolving credit account. The...Ch. 13.I - Kathy Hansen has a revolving credit account. The...Ch. 13.I - Calculate the average daily balance for November...Ch. 13.I - 14. Calculate the average daily balance for...Ch. 13.I - 15. Calculate the average daily balance for...Ch. 13.I - Carolyn Salkind has a Bank of America revolving...Ch. 13.I - The Freemont Bank offers a business line of credit...Ch. 13.I - The Jewelry Exchange has a $30,000 line of credit...Ch. 13.II - Bob Johnson found a car he wanted to buy at...Ch. 13.II - Eileen Townsend bought a bedroom set from El...Ch. 13.II - Erica Larsen purchased a living room set for...Ch. 13.II - Christina Pitt repaid a $2,200 installment loan...Ch. 13.II - Computer Mart uses a finance company that is...Ch. 13.II - Mark Sanchez financed a $4.000 piano with an...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the finance charge, the finance charge...Ch. 13.II - Calculate the finance charge, the finance charge...Ch. 13.II - Calculate the finance charge, the finance charge...Ch. 13.II - Calculate the finance charge, the finance charge...Ch. 13.II - Calculate the finance charge, the finance charge...Ch. 13.II - Calculate the finance charge, the finance charge...Ch. 13.II - Calculate the finance charge and the annual...Ch. 13.II - Calculate the finance charge and the annual...Ch. 13.II - Calculate the finance charge and the annual...Ch. 13.II - Calculate the finance charge and the annual...Ch. 13.II - Calculate the finance charge and the annual...Ch. 13.II - Calculate the finance charge and the annual...Ch. 13.II - Calculate the finance charge and the monthly...Ch. 13.II - Calculate the finance charge and the monthly...Ch. 13.II - Calculate the finance charge and the monthly...Ch. 13.II - Calculate the finance charge and the monthly...Ch. 13.II - Calculate the finance charge and the monthly...Ch. 13.II - Calculate the finance charge and the monthly...Ch. 13.II - Calculate the missing information for the...Ch. 13.II - Calculate the missing information for the...Ch. 13.II - Calculate the missing information for the...Ch. 13.II - Calculate the missing information for the...Ch. 13.II - Calculate the missing information for the...Ch. 13.II - Calculate the missing information for the...Ch. 13.II - You are the loan department supervisor for the...Ch. 13.II - You are the loan department supervisor for the...Ch. 13.II - You are the loan department supervisor for the...Ch. 13.II - You are the loan department supervisor for the...Ch. 13.II - You are the loan department supervisor for the...Ch. 13.II - You are the loan department supervisor for the...Ch. 13.II - 45. Belinda Raven is interested in buying a solar...Ch. 13.II - 46. Meghan Pease purchased a small sailboat for...Ch. 13.II - 47. Valerie Ross financed a cruise to the Bahamas...Ch. 13.II - 48. Doug Black bought a jet ski with a 9% add-on...Ch. 13.II - Olivia Fast found a timeshare offer entitling her...Ch. 13.II - Tim Houston purchased a wall unit for $2,400. He...Ch. 13.II - First National Bank offers a 36-month installment...Ch. 13.II - At a recent boat show, Nautica Bank was offering...Ch. 13.II - 53. Find the sum of the digits of a. 24 b. 30 Ch. 13.II - 54. a. What is the rebate fraction of a 36-month...Ch. 13.II - Charlie Allen financed a $3,500 Nautilus home gym...Ch. 13 - ____ credit is a loan arrangement in which there...Ch. 13 - The effective or true annual interest rate being...Ch. 13 - Loans that are backed by the borrowers promise to...Ch. 13 - 4. Loans made on a continuous basis and billed...Ch. 13 - 5. Name the two most common methods used to...Ch. 13 - 6. Write the formula for calculating the average...Ch. 13 - 7. A pre-approved amount of open-end credit is...Ch. 13 - 8. The interest rate of most lines of credit is...Ch. 13 - A loan made for a specified number of equal...Ch. 13 - The portion of the purchase price of an asset paid...Ch. 13 - A popular method for calculating the interest on...Ch. 13 - 12. Write the formula for calculating the APR of...Ch. 13 - 13. The finance charge ________ is the unearned...Ch. 13 - The most common method for calculating the finance...Ch. 13 - John Dugan's revolving credit account has an...Ch. 13 - 2. Daniel Noguera has a Bank of America revolving...Ch. 13 - Charlotte Williams has a Visa account. The finance...Ch. 13 - 4. Calculate the average daily balance for January...Ch. 13 - Mel Arrandt has a Bank of America account with a...Ch. 13 - Alpine Construction, Inc. has a $100,000 line of...Ch. 13 - George Bell bought an ultralight airplane for...Ch. 13 - 8. David Sporn bought a saddle from Linville...Ch. 13 - 9. Buster Blaster Recording Studio purchased a new...Ch. 13 - Chris Manning purchased a $7,590 motorcycle with a...Ch. 13 - 11. SkyHigh Aircraft Sales uses the Executive...Ch. 13 - 12. After making 11 payments on a 36-month loan,...Ch. 13 - An Auntie Annes franchise financed a $68,000...Ch. 13 - 14. You are a salesperson for Mega Marine Boat...Ch. 13 - 15. Joe Keener found the accompanying ad for a...

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