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Chapter 10
Consumer
Term | Definition |
---|---|
Capital | The value of what you own, including savings, investments, and propery |
Collateral | Property pledged to back a loan |
Credit | Ability to borrow money in return for a promise of future payment |
Finance Charge | The total amount a borrower must pay for a loan |
Grace Period | The time between the billing date and the payment due date when no interest is charged |
Installment Loan | A loan to be repaid in a certain number of payments with a certain interest rate |