(1) Noninstallment credit includes
a. monthly payment loans
b. single-payment loans
c. both single-payment loans and open-ended credit
d. open-ended credit
(2) A personal line of credit acts very much like
a. open-ended/revolving credit
b. closed-end credit
c. single-payment credit
d. installment credit
(3) With a home-equity line of credit the collateral is
a. the down payment from the first mortgage
b. the principal of the first mortgage on the home
c. the total value of the home
d. the difference between what the home is worth and the balance owed on the first mortgage (aka your equity in the home).
(4) The outstanding balance owed on a debt is the
a. equity
b. APR
c. finance charge
d. principal
(5) A borrower who has failed to make a payment of principal or interest when due or meet any other requirement of a credit agreement is said to be in
a. arrears
b. foreclosure
c. rescission
d. default