C$)$ covalia com

$7=29$

Eyrs

$6115$

tralive and Consumer I aw

Hets

Cave Erat

Convertibles. Barry, a new car dealer, advertised that a new brand of convertible called Wind would be available at his dealerstip for the price of $$10,000$ each. He had only three Wind vehicles, however, and when those were sold, he tried to convince shoppers to purchase a much more expensive new convertible at a price of $$25,000.$ Kathy, a customer who decided to purchase one of the more expensive vehicles, needed financing tin order to do so She thad $$10,000$ to pay on the car and sought a loan from ABC Bank for the remainder. She wanted the loan for a specific amount of tlime$.$ ABC Bank offered hier the loan and she agreed. The only information she received from ABC Bank was confirmation that she borrowed $$15,000$ at an $8\%$ interest rate. After recelving several complaints, the Federal Trade Commission disapproved of Barry's action in regard to the Wind vehicles. Claiming that his advertisement was misleading, the Federal Trade Commission proceeded to issue a cease$-$and$-$desist order prohibiling deceplive advertising involving Wind vehicles and any other vehicles Barry offered for sale. What type of loan was Kathy seeking from ABC Bank?

Multiple Choice

A closed$-$end credit line

A line of credit

An approved line

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