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Molinari Borrow
Term | Definition |
---|---|
credit | promise to pay later for the purchase of goods or services without the actual transfer of money |
principal | amount borrowed, plus interest over a certain period of time |
APR | annual percentage rate; total cost of credit as a yearly percentage |
collateral | property or cash the bank will take if loan is not paid back |
interest | specified amount of money a borrower must pay a lender for the use of borrowed fund |
FICO score | a personÅ› credit score calcuated with software by Fair Isaacs Corporation (FICO) |