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

1) Jason bought a used car and got a loan from his credit union.
2) The Overtons bought a new home and mortgaged it for 30 years.
3) Samantha got her first credit card at age 18 with a credit limit of $300.
4) Tammy borrowed $40,000 in school loans to be paid back in 5 years.
5) Tim always pays his credit card balance in full each month.

Respuesta :

Jason bought a used car and got a loan from his credit union
The Overtons bought a new home and mortgaged it for 30 years.
Tammy borrowed $40,000 in school loans to be paid back in 5 years.
marvineetesh3

The closed-end credit situations is Tammy borrowed $40,000 in school loans which is to be paid back in 5 years.

About closed-end credit situation:

Closed-end credit is a loan or type of credit in which the funds are spread in full at the time when loan closes and must be paid back which includes interest and finance charges, by a specific date.

Most of the financial institutions also prefer to closed-end credit as a secured and installment loans.

Examples of this situation includes:

  • A home mortgage loan,

  • A car loan, or  

  • A loan for appliances.

Hence, in the given case when Tammy paid back his loan in a duration of 5 years, then it is known as the situation of closed-end credit.

Learn more about closed-end credit situations, refer:

https://brainly.com/question/9028806

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