Answer:
•A credit card is an example of an open-end consumer loan. The consumer is able to make purchases on a credit card but must pay the outstanding amount when it becomes due. If the consumer fails to settle the outstanding amount on the credit card, he/she would be charged interest until the amount is paid off
•Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. ...
Step-by-step explanation:
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