Simple Interest Answers

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Which would be considered closed-end credit situations? Check all that apply.

Jason bought a used car and got a loan from his credit union.

The Overtons bought a new home and mortgaged it for 30 years.

Samantha got her first credit card at age 18 with a credit limit of $300.

Tammy borrowed $40,000 in school loans to be paid back in 5 years.

Tim always pays his credit card balance in full each month.

How much will Ava pay in interest if she pays back the card in 11 months?

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