Final answer:
A mortgage loan is typically offered with a term of either 15 years or 30 years. A line of credit provides open-end credit, while a payday advance loan is a short-term loan usually due by the next pay period. An auto loan can have terms of 36, 48, 60, or 72 months.
Step-by-step explanation:
The loan types can be matched to their respective loan terms as follows:
- Mortgage loan - 15- or 30-year terms
- Line of credit - Open-end credit
- Payday advance loan - Usually by the next pay period
- Auto loan - 36-, 48-, 60-, or 72-month terms
A mortgage loan is typically offered with a term of either 15 years or 30 years. This means that the borrower has to repay the loan over the course of either 15 or 30 years. In contrast, a line of credit provides open-end credit, meaning that the borrower can continuously access funds up to a certain limit. A payday advance loan is a short-term loan that is usually due by the borrower's next pay period. Lastly, an auto loan can have terms of 36, 48, 60, or 72 months, depending on the agreement between the borrower and the lender.