Question

PLEASE HELP!!!Match the type of account to the correct description.

1. a loan used to pay for educational expenses, such as college tuition, books, dormitory, and housing

2. a loan is used to purchase a home; for veterans

3. a loan taken to make home improvements or other reasons

4. a loan that requires a high credit score and is used for many different things, such as medical expenses, a vacation, or to pay off a credit card

5. a loan for a house with low interest rates and a term that may be as short as five years, at which time the entire balance of the loan is due



va loan student loan personal loan home equity loan balloon morgage

Answer 1

1. student loan

2. va loan

3. balloon mortgage

4. personal loan

5. home equity loan

Answer 2

The different types of accounts are student loans, VA loans, Balloon mortgage, personal loans, and Home equity loan.

What is a loan?

A loan is an amount of money borrowed by an individual or group which is to be paid back under certain agree terms and conditions.

Different types of loans include student loans, personal loans, mortgages, etc.

The given accounts are identified as follows:

1. Student loan - a loan used to pay for educational expenses, such as college tuition, books, dormitory, and housing
2. VA loans - a loan is used to purchase a home; for veterans
3. Balloon mortgage - a loan taken to make home improvements or other reasons
4. Personal loan - loan that requires a high credit score and is used for many different things, such as medical expenses, a vacation, or to pay off a credit card
5. Home equity loan - a loan for a house with low interest rates and a term that may be as short as five years, at which time the entire balance of the loan is due.

Therefore, the different types of accounts are student loans, VA loans, Balloon mortgage, personal loans, and Home equity loan.

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