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ch4 Personal Finance

QuestionAnswer
Annual Fee , fee charged b y a credit card company for the use of their credit card.
Annual Percentage Rate (APR), cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.
ARM (Adjustable Rate Mortgages) , Home loan secured by a deed of trust or mortgage is which the interest rate will change periodically (example – annually); typically adjusted based on a published index as the Treasury Bill; brought on as a result of high interest rates in the early 198
Balloon Mortgage , home loan in which the sum of the monthly payments is insufficient to repay the entire loan; a final payment come dues, which is a lump sum of the remaining principal balance.
Credit , money owed
Credit Card , tool used to finance a purchase
Credit Limit , a maximum amount that may be owed at one time.
Debit Card , type of card, often bearing the seal of a major credit card company; issued by a bank and used to make purchases; unlike a credit card, the money comes directly out of a checking account; also called a check card.
Debt Consolidation , Act of combining all debts into one monthly payment, typically extending the terms and the length of time required to repay the debt.
Debt Snowball , Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments.
Depreciation , a decline in the value of property; the opposite of appreciation.
Finance Charge , The total dollar cost of credit including interest and all other charges.
Foreclose , Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract.
Grace Period , Time period during which a borrower can pay the full balance of credit due with no finance charge
Home Equity Loan , Credit line offered by mortgage lenders that allows a homeowner to borrow money against the equity in their home.
Introductory Rate , Introductory annual percentage rate (APR) is a low rate offered by a credit card company as an incentive to apply for the card
Created by: eramig