Answer:
Closed-end credit; open-end credit
Explanation:
in the closed end credit the lender is required to pay back the loan at specific period of time by giving the institution the payment plan.this kind of credit involves taking mortgage or financing a car through the bank.
open end credit allows you to take a loan and pay it according to your liking because it checks how much you owe versus the monthly installments. its difficult to obtain because it relies on your word which makes it more easier for people to run.
This stage is called the tentative period. The four stages of it are interest, capacity, values, and transition.
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