With Open-End Credit,you Pay Back One-Time Loans in a Specified

question 145

True/False

With open-end credit,you pay back one-time loans in a specified period of time in payments of equal amounts.

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Definitions:

Account

A record or statement that keeps track of financial transactions or an arrangement with a bank to deposit, withdraw, or manage money.

Invoice

A document issued by a seller to a buyer that lists the products or services provided and specifies the amount owed for them.

Outstanding Balance

The amount of money owed that remains unpaid.

Payment

The act of transferring money or consideration from one party to another in exchange for goods, services, or to fulfill a legal obligation.