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The money a bank or other lending institution is willing to lend you is called the amount of credit extended or the ____ of the loan. Principal
Anything of value pledged by the borrower that the lender may sell or keep if the borrower does not repay the loan is called the ____ or collateral. Security
The money the borrower pays for the use of the lender’s money is called the _____. Interest
When using the simple interest formula, the interest rate, r , is expressed as a _____. Percentage
When using the simple interest formula, time, t , is expressed in the same period as the ____. Rate
A payment that is less than the full amount owed and made prior to the due date is known as a ______ payment. Partial
If a partial payment is made on a loan, interest is computed on the principal from the first day of the loan until the date of the partial payment. This is known as the _______ rule. Banker’s
The Banker’s rule considers a year to nave ____ days. 360
Semiannually N = 2
Quarterly N = 4
Daily 365
Yearly 1
A loan on which you pay a fixed amount of money for a set number of payments is called a fixed ____ loan. Installment
A loan on which you make variable payments each months is an ____ installment loan. Open
What is the first step in determining the monthly payment for the installment loan? Getting the down payment by multiplying the cost by the % rate
What is the second step in determining the monthly payment for the installment loan? Getting the loan amount by subtracting the purchase price by the down payment
What is the third step in determining the monthly payment for the installment loan? Getting the finance charge
Compound interest nt A= P (1 + r/n )
Present Interest A P= ______ nt (1 + r/n )
Accumulated Amount Find amount you have to pay
Created by: Fernanda_09
 

 



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