ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Payday loan
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conventional loan
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student loan
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None of the above
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Detailed explanation-1: -Revolving credit is a credit line that remains available even as you pay the balance. Borrowers can access credit up to a certain amount and then have ongoing access to that amount of credit. They can repay the balance in full, or make regular payments.
Detailed explanation-2: -The three main types of credit are revolving credit, installment, and open credit. Credit enables people to purchase goods or services using borrowed money.
Detailed explanation-3: -Credit cards typically carry higher interest rates than student loans, and can often exceed 20%. Federal student loan interest usually falls below 10%.
Detailed explanation-4: -Revolving Credit. This form of credit allows you to borrow money up to a certain amount. Charge Cards. This form of credit is often mistaken to be the same as a revolving credit card. Installment Credit. Non-Installment or Service Credit. 21-Feb-2014