This is a type of credit loan paid on installments in which the total amount borrowed may change over time and is fixed. § 1026.60 credit and charge card applications and solicitations.
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To get a better idea of these two types of questions, let's take a closer look at each.
Open end credit is quizlet. Period within which any credit extended may be repaid w/out incurring a finance charge due to a periodic interest rate Periodic payments are made until the loan is paid. With the quizlet flashcards app you can:
§ 1026.59 reevaluation of rate increases. § 1026.58 internet posting of credit card agreements. • this has varying payment depending on how much you spend.
Fees and interest rates charged by the lender are the costs of these sorts of credit. • open end credit is when a borrower can spend up to a certain amount. • one example of open end credit is credit cards.
With this type of credit, the borrower must repay the amount owed plus interest in a specific number of equal payments.
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