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Chapter 11

Borrowing

QuestionAnswer
Interest The price we pay for borrowed money.
Security Anything of value given by the borrowed to the lender in exchange for a loan.
Guarantor A person who agrees to repay a loan for another person if they are unable to make their repayments.
Annual Percentage Rate (APR) This is the actual rate of interest charged on a loan each year. It takes into account that the amount owed is going down each year as we repay the loan.
Term loan A loan taken out for a fixed period of time, usually up to a maximum of five years.
Long-term loan/Mortgage A loan taken out for a period of more than 5 years. These loans are taken out to help us to purchase something very expensive.
Bankrupt A legal term used to describe a person or company that is unable to pay its debts.
Overdraft Ask your bank for permission to withdraw more money than you have in your account.
Flat Rate The flat rate of interest does not take into account that the amount we owe is going down each year as we repay the loan.
Credit Union Loan The amount that can be borrowed usually depends on how much you have saved e.g. three times the amount in your account.
Moneylender A person who gives a loan to another person who for one reason or another cannot borrow the money from a financial institution such as a bank. Loans from moneylenders usually have a very high rate of interest.
Created by: jdunnestmarks