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Econ. Ch. 4 Vocab.

QuestionAnswer
credit receipt of funds either directly or indirectly to buy goods and services in the present with the promise to pay for them in the future
principal amount originally borrowed in a loan
interest amount the borrower must pay for the use of someone else’s funds
installment debt type of loan repaid with equal payments, or installments, over a specific period of time
durable goods manufactured items that have a life span longer than three years
mortgage installment debt owed on houses, buildings, or land
commercial bank bank whose main functions are to accept deposits, lend funds, and transfer funds among banks, individuals, and businesses
savings and loan association (S&L) depository institution that accepts deposits and lends funds
savings bank depository institution originally set up to serve small savers overlooked by commercial banks
credit union depository institution owned and operated by its members to provide savings accounts and low
finance company company that takes over contracts for installment debts from stores and adds a fee for collecting the debt; a consumer finance company makes loans directly to consumers at high rates of interest
charge account credit extended to a consumer allowing the consumer to buy goods or services from a particular company and to pay for them later
credit card credit device that allows a person to make purchases at many kinds of stores, restaurants, and other businesses without paying cash
finance charge cost of credit expressed monthly in dollars and cents
annual percentage rate (APR) cost of credit expressed as a yearly percentage
credit bureau private business that investigates a person to determine the risk involved in lending to that person
credit check investigation of a person’s income, current debts, personal life, and past history of borrowing and repaying debts
credit rating rating of the risk involved in lending to a specific person or business
collateral something of value that a borrower lets the lender claim if a loan is not repaid
secured loan loan that is backed up by collateral
unsecured loan loan guaranteed only by a promise to repay it
usury law law restricting the amount of interest that can be charged for credit
bankruptcy the state of legally having been declared unable to pay off debts owed with available income
Created by: hcmeek