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borrowing and saving
Term | Definition |
---|---|
hire perches | you pay for an item over but get it on the initial perches |
term loan | a loan is a certain amount of money the bank pays you but you have to pay it back with interest |
mortgage | mortgage is a payment on a house you pay to live in it but you can pay of your mortgage |
credit card | you insert your card and pin for smaller purchases you can also tap your card at a terminal contactless payment |
store card | it like a credit card but only for certain stores or retailers |
money Leander | a moneylender is someone other than a finical intuition who gives a loan to anther person |
renting | you pay to use the item but you don't own it because it belongs to the person your renting it from |
short term borrowing | short term has to be paid before a year |
long term borrowing | long term loans are pained over 5 years plus |
medium term borrowing | medium loans are paid between one year and five years |
overdraft | when the bank gives you permission to overdraft your accent take out more money the you have |