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1. (TCO 3) _____ is a good example of a closed-end credit.
A credit card issued by a department store
A credit card issued by VISA or MasterCard
A mortgage loan
Using a cashier's check to pay for a purchase
Using overdraft protection at a bank
Question 2. 2. (TCO 3) A creditor may set a maximum amount of
credit that a person is allowed, and this is called a(n)
revolving credit.
line of credit.
convenience credit.
installment cash credit.
single lump-sum credit.
Question 3. 3. (TCO 3) If your monthly net (after-tax) income is
$2,200, what should be your maximum amount spent on credit
payments?
$150
$220
$440