Argylls 8 AM Word Scramble
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Term | Definition |
Credit | an arrangement to receive cash, goods, or services now and pay for them in the future |
Consumer Credit | use of credit for personal needs |
Creditor | an entity that lends money |
Finance | give or get money for something/anything |
Closed-End Credit | one-time loan that you will pay back over a specified period of time in payments of equal amount |
Title | document showing ownership |
Open-End Credit | loan with a certain limit on the amount of money you can borrow for a variety of goods and services |
Line of Credit | maximum amount of money a creditor will allow a credit user to borrow |
Grace Period | a time period during which no finance charges will be added to your account |
Finance Charge | total dollar amount you pay to use credit |
Net Income | income you receive (take-home pay, allowance, gifts, & interest) |
APR | (annual percentage rate) cost of credit on a yearly basis |
Collateral | form of security to help guarantee that the creditor will be repaid |
Pledged | promised |
Simple Interest | interest computed only on the principal, the amount that you borrow |
Minimum Monthly Payment | smallest amount you can pay and remain a borrower in a good standing |
Five C's of Credit | character, capacity, capital, collateral, conditions |
Credit rating | measure of a person's ability and willingness to make a credit payments on time |
Promptly | on time |
Imposters | people who deceive others by assuming different identities |
Created by:
allisonem09
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