You are given two choices for paying for the roof repair: loan X and loan Y.

Loan X:
Terms:
Credit limit

Cash advance

Interest rate/ APR

(prime rate +

)
Minimum payment

or

of the balance
Late fee

Loan Y:
Terms:
Amount borrowed

Annual percentage rate (APR)

Loan term

months
Monthly payment

Total interest paid

Total cost of the loan

Which of these loans is revolving credit?
Choose 1 answer:
Choose 1 answer:
(Choice A) loan X
A
loan X
(Choice B) loan Y
B
loan Y

1 answer

A. loan X