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Math Finance C04-L02

Wirtz Math Finance Chapter 4 Lesson 2

promissory note (p181) An agreement which states the conditions of a loan; a borrower's signature confirms a promise to pay back the loan as outlined in the agreement.
principal (p131, 181) The balance, or amount of money, in an account, or amount borrowed.
annual percentage rate - APR (p143, 181, 201) The interest rate paid per year or charged per year.
cosigner (p181) A person that signs a promissory note along with the borrower and agrees to pay back the loan if the borrower does not.
life insurance (p181) A type of insurance that pays a specified amount upon the policy holder's death.
prepayment privilege (p181) An agreement that allows the borrower to make payments before the due date to reduce the amount of interest.
prepayment penalty (p181) An amount borrowers pay as a fee if they wish to pay back an entire loan before the due date.
wage assignment (p181) A voluntary deduction from an employee's paycheck, used to pay off debts.
balloon payment (p182) The last monthly payment on some loans that is much greater than the previous payments
lending institution (p182) Organizations that extend loans; they make their profit by charging interest, includes banks, savings and loans, credit unions, life insurance companies, and pawnshops.
collateral (p182) Security, such as a personal belonging, car or boat title, CD, or stock certificate, that insures a loan will be repaid.
wage garnishment (p182) An involuntary form of wage assignment, often done by court order.
Created by: shelley.wirtz