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Credit Unit

Loans

TermDefinition
Principle Original amount of money borrowed, separate from interest or fees
Interest Rate The rate charged for borrowing money usually expressed as a percent of the amount borrowed
Term The amount of time you have to repay your entire loan
Loan An agreement where you are credited with a fixed amount of money for a fixed period of time, usually with interest
Installment Loan Loan used to finance a specific purchase for a specific amount of time, during which regular payments pay the accrued interest and a portion of the principal
Amortization The paying off of debt with a fixed repayment schedule in regular installments over a period of time
annual percentage rate (APR) The annual cost of a loan to a borrower, including additional fees (expressed as a percentage)
Linear Equation Equation written as y = mx + b
Created by: yelena585
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