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Pam has a loan in which she received all of the loan proceeds in one lump sum at the time of closing. This type of loan is a(n) __________ loan.a. closed-end

b. open-end
c. purchase money
d. fixed-rate

1 Answer

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Answer: Closed-end.

Explanation:

The loan received by Pam is a Closed-end loan, which is a type of loan that enables the borrower of the loan to gain access to the full loaned amount, once the loan has been granted and necessary agreements have been reached between the borrower and the lender. The closed is a contrast of the open end credit, where a sum is given over a stretch of time.

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