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Closed-end credit
Definition: A one time loan
Purpose: specified in application
Payment: specified number of equal payments
Loan amount: agreed upon during the application process
Example: mortgage, automobile, education Loans
Open-end Credit
Definition: credit extended in advance
Purpose: variety of purposes
Payments: vary. Can be paid in 1 or series of equal/unequal payments
Loan amount: increased for responsible consumers
Example: credit card
APR ( annual percentage rate)
Rate at which interest is charged on a credit card account each month
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