what is the difference between open - end credit, and closed - end credit, and what are the costs associated…

Brief Explanations:

Open - end credit is a reusable line of credit like a credit card, with costs including interest, annual fees, and late - payment fees. Closed - end credit is for a specific amount and time, such as a mortgage or auto loan, with costs mainly being interest and possible prepayment penalties.

Answer:

Open - end credit is a revolving line of credit. Costs include interest, annual fees, late - payment fees. Closed - end credit is for a set amount and term. Costs mainly are interest and potential prepayment penalties.