Ch. 8 Loans Word Scramble
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Term | Definition |
SINGLE PAYMENT LOAN | A LOAN THAT YOU REPAY WITH ONE PAYMENT AFTER A SPECIFIED PERIOD OF TIME |
MATURITY VALUE | TOTAL AMOUNT YOU MUST REPAY |
ORDINARY INTEREST | BASED ON 360-DAY YEAR |
INSTALLMENT LOAN | REPAY IN EQUAL PAYMENTS OVER A SPECIFIED PERIOD OF TIME |
AMOUNT FINANCED | PORTION OF THE CASH PRICE THAT YOU OWE AFTER MAKING THE DOWN PAYMENT |
REPAYMENT SCHEDULE | SHOWS THE DISTRIBUTION OF INTEREST AND PRINCIPAL OVER THE LIFE OF THE LOAN |
PROMISSORY NOTE | A WRITTEN PROMISE TO PAY A CERTAIN SUM OF MONEY ON A SPECIFIC DATE IN THE FUTURE |
TERM | AMOUNT OF TIME FOR WHICH THE LOAN IS GRANTED |
EXACT INTEREST | BASED ON A 365-DAY YEAR |
DOWN PAYMENT | PORTION OF THE CASH PRICE OF THE ITEM YOU ARE PURCHASING BEFORE FINANCING THE REST ON CREDIT |
ANNUAL PERCENTAGE RATE (APR) | AN INDEX SHOWING THE COST OF BORROWING MONEY ON A YEARLY BASIS, EXPRESSED AS A PERCENT |
FINAL PAYMENT | PAYING PREVIOUS BALANCE PLUS THE CURRENT MONTH’S INTEREST |
Created by:
dsteffey
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