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3 Cards in this Set
- Front
- Back
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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 |
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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 |
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APR ( annual percentage rate) |
Rate at which interest is charged on a credit card account each month |
