1. Which type of credit typically gives debtors the most time to repay money they have borrowed?
A.) car loans
B.) credit cards
C.) mortgages
D.) personal loans
1 c
2 b d
3 b
4 b d e
5 c
6 a b
Ant God is 100%
C
BD
B
BDE
C
AB
4/29/2021
10:19 A.M.
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None ya // Grimz
Ant god 100% correct for 2022
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dang None ya // Grimz posted their response exactly a year ago
To determine which type of credit typically gives debtors the most time to repay money borrowed, we need to understand the characteristic repayment terms associated with each option.
A) Car loans: Car loans are typically offered for a fixed term, often ranging from 2 to 7 years. The repayment period generally depends on the loan amount, but it is usually not as long as other forms of credit.
B) Credit cards: Credit cards provide a revolving line of credit, allowing borrowers to make minimum monthly payments or pay off the entire balance each month. While credit cards do not have a fixed repayment term, they can carry high-interest rates, making it potentially more difficult to pay off the debt if only minimum payments are made.
C) Mortgages: Mortgages are long-term loans used to finance the purchase of real estate. These loans can have terms of 15, 20, or 30 years, allowing homeowners a significant amount of time to repay the borrowed amount.
D) Personal loans: Personal loans are typically unsecured loans that can be used for various purposes such as debt consolidation, home improvement, or emergency expenses. The repayment period for personal loans typically ranges from 1 to 7 years, depending on the loan amount and terms.
Based on the given options, the type of credit that generally provides debtors with the most time to repay money borrowed is C) mortgages. Mortgages tend to have longer repayment terms, offering debtors more flexibility in spreading out their payments over an extended period, often spanning multiple decades.