An example of closed-end credit which is a loan for a specific amount with a set payment schedule and interest rate are:(1 point)

Question

Responses

Secured loan
Secured loan

credit cards
credit cards

checking account and savings
checking account and savings

none of these

Answer 1

The correct response is Secured loan.

A secured loan is an example of closed-end credit where you borrow a specific amount, have a set repayment schedule, and typically a fixed interest rate. Credit cards and checking/savings accounts do not fit this definition.