Question

What is a closed line of credit? a. A line of credit with a set maximum credit limit. b. A line of credit with no interest rate. c. A line of credit with a fixed total amount d. A line of credit with a legally mandated repayment schedule​

Answer 1

A closed line of credit seems to be c, A line of credit with a fixed total amount.

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Answer 2

Answer:

• c. A line of credit with a fixed total amount

Step-by-step explanation:

• More info on closed line of credit
• A credit limit is established, funds can be used for a variety of purposes, interest is charged normally, and payments may be made at any time.
• The pool of available credit does not replenish after payments are made.
• Once you pay off the line of credit in full, the account is closed and cannot be used again.