Which is an example of easy-access credit? $3000 monthly line of credit credit card with a $4,000 limit one-week payday loan for $350 $200,000 loan for a home

An example of easy-access credit is a One-week payday loan for $350.

Further Explanation:

Easy-access credit:

The easy-access credit is also known as payday loans. It refers to the short-term loan provided at a high-interest rate. Generally, this loan has a period of 10-20 days and the interest rate ranges from 15-25%.

Justification for the correct and incorrect option:

(a)

$3000 monthly line of a credit card with a $4,000 limit: This is an incorrect option because the credit card is not considered in the category of easy-access credit.

(b.)

One-week payday loan for $350: This is the correct option because it is granted for a small period and the amount of loan is also very low.

(c.)

$200,000 loan for a home: This is an incorrect option because the house loan is taken for a long period.

Thus, the example of easy-access credit is a One-week payday loan for $350.

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Answer details:

Grade: Middle school

Subject: Finance

Chapter: Loans  

Keywords: Which, for example, easy-access credit, monthly, line, of, credit, card, with, limit, one-week, payday, loan, home, short-term.

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step-by-step explanation:

let's first notice, the center of the hyperbola is at the origin, since the focus points are equidistantly 3 units away from the origin, that also means that the distance "c" from the center to either focus is 3.

it should also be notable that, the traverse axis for this hyperbola is vertical, or namely over the y-axis and therefore, the positive fraction will be the one with y-variable.

the traverse "a" component or distance from the center to either vertex is not 2, is more than 2, so we can safely put it at √5 ≈ 2.24.