4.1-4.4 Vocab Word Scramble
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Term | Definition |
Truth in Lending Act | A law that offers protection if a credit card is lost or stolen |
debit card | A card that acts as an electronic check and is not a credit or a charge card. |
average daily balance | The average amount owed per day during a billing cycle. |
principal | The balance, or amount of money, in an account, or amount borrowed. |
finance charge | The interest that is charged to a buyer when paying for a purchase or service over time. |
collateral | Security, such as a personal belonging, car or boat title, CD,stock certificates, that insures a loan will be repaid. |
annual percentage rate | The interest rate paid per year or charged per year. |
FICO score | A score that summarizes the probability that a debtor will pay a debt and is a reliable way that creditors judge credit worthiness. |
debtor | Organization or person who uses credit. |
creditor | Organization or person who extends credit to debtors. |
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akominiarek
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