Chapter 18- JF
Terms
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- Garnishment
- A legal process that allows part of your paycheck to be withheld for payment of a debt.
- Unused credit
- the remaining credit available to you
- Rebate
- a partial refund of an amount spent
- Fixed-rate loans
- loans for which the interest rate does not change over the life of the loan
- Prime rate
- the interest rate that banks offer to thier best cusiness customers, such as large corporations
- Simple interest
- interest computed on the amount borrowed(or saved) only, without compounding.
- Principal
- the amount borrwoed, or the unpaid portion of the amount borrowed , on which the borrower pays interest
- Down payment
- part of the purchase price paid in cash up front, reducing the amount of the loan