Borrowing
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Credit | merely a tool to buy something now and pay for it later
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| Microloans | Short-Term Loans
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| Instant Gradification | didnt budget for the purchase and dont want to wait until you have the money to buy the item
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| Principal | in exchange for your promise to re payh the money later, usually with interest
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| Interest | the amount you pay to use someone else's money
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| Simple Interest Formula | a quick way to calculate interest
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| Amortization Calculation Formula | figure out an average payment amount for each period
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| APR | the interest rate calculated in a consistent way
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| Introductory APR | rate for a short period to tempt you to borrow
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| Fixed Interest Rate | the same for the life of the loan or account
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| Adjustable or Variable Interest Rates | change at specific times
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| Maturity Date | The final payment date of a loan
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| Loan Term | the amount of time you're obligated to make payments
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| Annual Fee | A yearly fee for having an open account
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| Cash Advance Fee | Fee for withdrawing cash on your credit account
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| Over the Limit Fee | Fee will be applied to your account each time you go over your limit.
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| Credit Limit | the maximum amount you can borrow at any one time.
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| Grace Period | the amount of time before interest starts accumulating on charged purchases.
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| Loan Term | Longer terms typically have lower payments but accumulste more interest.
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| Origination Fee | a charge to process your loan.
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| Prepayment Penalty | always check before making a loan commitment to know about any extra charges if you make early payments.
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| Down Payment | Money you pay upfront toward the purchase to reduce the loan amount.
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| Discount Points | Lenders offer interest-rate discounts as incentives.
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| Revolving Credit | lets you borrow up to a maximum dollar amount whenever you want without applying for credit each time.
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| Installment (Closed-ended Credit) | the entire loan amount is paid to you at once.
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| Cash Loans | no specific purpose and simply pay the borrowed funds directly to you.
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| Service Credit | lets you pay in full usually monthly for a service as charges add up.
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| Authorized User | able to use the credit-car daccount but is not legally liable for the balance due to the account
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| Joint Account Holder | responsible for the balanced of the account along with the other person named on the account and is legally liable for any amount due
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| Capital | Cash on hand
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| Capacity | HAve more money coming in then out
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| Character | Check your reputation for repaying what you owe.
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| Collteral | Partial compensation for what you owe
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| Conditions | Past credit troubles if you can prove you are moving past a bad experience
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| Credit Reports | Detail how a person used credit in the past
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| Cosign | Someone who can agree with you
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| Cosigner | Agrres to repay the debt if you dont
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| Credit Score | A three-digit numbert based on the person's credit report
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| Subprime Borrower | someone lenders see as a big credit risk
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| Identity Theft | your identification documents are taken or online personal files are hacked without your permission
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| Identity Fraud | your personal information is used to make purchases, withdraw chas or set up new accounts without your approvsl
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Created by:
tdelzeith
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