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7th vocab

QuestionAnswer
Assets Any items of value that a person owns
Alimony A financial amount paid to ones former spouse for support after a legal seperation or divorce
Bankrupt Financial situation in which a court declares ones debts to be greater than the total value of ones assets
cash value amount that an insurance policy is worth if canceled before maturity An insurance company will lend to a policyholder based on his or her policy
coapplicant, joint applicant, co signer someone who signs a loan with the borrower, thus accepting legal responsibility for paying the debt if the borrower defaults.
co-ownership joint ownership between two or more persons
creditor lender one to whom money is owed
credit references people who will recommend the credit applicant as a good credit risk
debt money owed
debt balance amount still owed on a debt at a given time
default failure to fulfill the terms of the loan aggreement
dependents those who rely on a person for support
finance charge the total cost to use credit including interest loan fees and credit insurance
interest the amount paid for the use of borrowed money
interest rate the percentage of the principal that a borrower pays for the use of the borrowed money
liabilities financial obligations; amount owed
mortgage a loan for purchasing real estate if the borrower does not repay the loan according to the terms of the contract the lender can legally force the sale of the property to pay off the loan
mortgage holder person or institution that made the mortgage loan
proceeds the amount of money a borrower receives from a loan
real estate land and property attached to the land
reposses, reclaim to take back what was sold on a installment plan or loan if payments are not made as agreed
rule of 78 a method of calculating interest by which the borrower pays more interest during the early months of a loan and less at the end of the loan period
securities stocks and bonds
Created by: user-1997761
 

 



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