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PCS Personal Fin
Personal Finance Key Terms Ch. 4
| Term | Definition |
|---|---|
| annual fee | a yearly fee that's charged by the credit card company for the convenience of the credit card |
| annual percentage rate (APR) | cost of borrowing money on an annual basis; takes into account the interest rate |
| credit card | type of card issued by a bank that allows users to finance a purchase |
| credit report | a detailed report of an individual's credit history |
| credit score | a measure of an individual's credit risk; calculated from a credit report using a standardized formula |
| debt snowball | preferred method of debt repayment; includes a list of all debts organized form smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payment |
| depreciation | a decrease or loss in value |
| introductory rate | an interest rate charged to a customer during the early stages of a loan; the rate often goes up after a specified period of time |
| loan term | time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term |
| tax deduction | an expense, such as a charitable contribution, that can be deducted from one's taxable income |
Created by:
Ms.Sala
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