26.1 and 26.2 Madi Gordon
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Determines the cost of credit on a yearly basis | Annual Percentage Rate
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| A loan given in cash by a credit card company | Cash Advantage
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| someone who agrees to be responsible for a debt if the main applicant does not repay it. | Cosigner
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| amount of time allowed to repay a debt without having to pay interest charges. | Grace Period
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| maximum amount a card holder can charge on a credit card. | Credit Limit
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| an interest rate that fluctuates or changes over the life of the loan. | Variable Rate
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| the interest rate always remains the same | Fixed Rate
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| a portion of the total cost that is paid when a product or service is purchased. | Down Payment
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| the amount of borrowed money that is still owed and on which interest is based. | Principal
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| total amount it costs the borrower with the APR and all the finance charges of the loan. | Finance charge
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| Backed by collateral | Secured Loan
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| Not backed by collateral | Unsecured Loan
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| Court order to take all or part of a debtor's paycheck if he or she stops making payments. | Garnishment of Wages
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| If you stop making payments the creditor has legal rights to take it back. | Repossess
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| A significant or major affect. | Impact
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| The act of looking forward | Anticipation
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| Present or propose to another for review, consideration, or decision | Submit
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| The least quantity assignable, admissible, or possible. | Minimum
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| Having characteristics in common. | Similar
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| A part or share of something | Portion
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| Keep in an existing state | Maintain
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| Gain or attain, usually by planned action or effort. | Obtain
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| applicants ability to repay the loan | Capacity
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| money lent by one party to another at interest | Loan
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| a loan agreement secured by property | Mortgage
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| interest based on the original principle alone. | Simple Interest Loan
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| amount of money the applicant has beyond his or her debts. | Capital
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| Whether he or she has proven to be trustworthy in repaying debts. | Character
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