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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
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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