Personal finance thing

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  • One day James and Sally were walking to high school And started talking about the personal finance test....
  • oh my goodness! you don't know?
  • Hey sally whats the difference between a closed and open account?
  • sally and James continued their walk to high school and the conversation got deeper...
  • with a closed account the Borrower must repay the amount in a specified number of equal payments
  • That's Right! and with an open account its Extended as a line of credit established in advance
  • Examples are Automobile loans, Education loans, and Mortgages Right?
  • As they near their high school their conversation drew to an end and James was ready for the personal finance test
  • No problem!
  • an example of an open account is Credit cards, So you ready for that test?
  • I sure am! thanks for the help
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